- SPAC SportsTek Acquisition ( NASDAQ: SPTK ) said Friday its merger with French laptop maker Metavisio has been mutually terminated by the parties .
- SportsTek's ( SPTK ) board does not believe that it will be able to close the deal on favorable terms.
- The decision was made after considering costs, benefits and risks of prolonging the SPAC's life, including current adverse market conditions and regulatory uncertainty around SPACs.
- SportsTek ( SPTK ) will liquidate and redeem all outstanding shares included in the units issued in its IPO.
- Redemption is expected to be completed on or around December 27.
- SportsTeck ( SPTK ) announced a non-binding letter of intent with Metavisio in October, based on an enterprise value of the French company at $140M-$160M .
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SPAC SportsTek merger with French laptop maker Metavisio terminated