Thought Leadership / News
October 21, 2021 
 Press Releases
Gray Reed Represents SPAC Sponsor in $100 Million SPAC IPO

Gray Reed served as counsel to SportsMap, LLC (SportsMap), the Sponsor of SportsMap Tech Acquisition Corporation, a special purpose acquisition company (SPAC), in the formation and financing of the Sponsor, the pre-initial public offering (IPO) financing of the SPAC and the Sponsor's role in the SPAC's $100 million IPO.  On October 19, 2021, the SPAC’s IPO of 10,000,000 units was announced at a price to the public of $10.00 per unit.

Each unit consists of one share of common stock and three-quarters of one redeemable warrant. Each whole warrant entitles the holder to purchase one share of the SPAC's common stock at a price of $11.50 per share. The units commenced trading on the Nasdaq Global Market under the symbol “SMAPU” earlier this week. Once the securities comprising the units begin to separately trade, the common stock and warrants are anticipated to trade on the Nasdaq Global Market under the symbols “SMAP” and “SMAPW.”

The underwriters have a 45-day option to purchase up to an additional 1,500,000 units offered by the SPAC to cover over-allotments, if any.

A registration statement relating to the securities was declared effective by the Securities and Exchange Commission (SEC) on October 18, 2021. The offering is being made only by means of a prospectus.  Roth Capital Partners and Craig-Hallum Capital Group are acting as joint book-running managers for the offering. Maxim Group LLC is acting as the qualified independent underwriter for the offering.

“We appreciate the opportunity to work with SportsMap on its equity and finance structure and in connection with the SPAC’s IPO,” Gray Reed Partner and M&A/Private Equity Practice Group Leader Nancy B. Bostic said. “Our M&A and tax planning teams worked hand in hand to navigate complex issues and are proud to have been a part of this successful transaction with David Gow and his team.”  

“Gray Reed was instrumental to our work,” David Gow, CEO of SportsMap, said.  “They organized the entire legal approach for our sponsor entity. Nancy and her team worked smartly, with a strong grasp of each step in the process. They were great thought partners.”  

SportsMap was represented by Gray Reed attorneys Nancy B. Bostic, David R. Earhart, Dan Kroll, Austin C. Carlson, Brian A. Clark and Lynsey J. Hyde. The SPAC was represented by Schiff Hardin LLP. 

About SportsMap Tech Acquisition Corp.
SportsMap Tech Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities. The company may pursue a business combination opportunity in any business or industry it chooses.

About Gray Reed
A full-service Texas law firm with offices in Dallas, Houston and Waco, Gray Reed provides legal services to companies ranging from start-up to Fortune 100 as well as high net worth individuals. Gray Reed attorneys assist clients with a myriad of legal issues including corporate securities and M&A transactions, commercial litigation, oil and gas, tax planning and litigation, real estate, construction, healthcare, trusts and estates, employment law, family law, intellectual property and bankruptcy. For more information, visit