SportsMap Tech Acquisition Corp. (NASDAQ:SMAP) announced this morning that it has closed its combination with intelligent thermal imaging provider Infrared Cameras Holdings (ICI).
Shareholders originally approved the combination during a meeting held on December 8. However, at that time, the parties had not yet disclosed a timeline for the closing of their combination.
The combined company has applied to list on the Nasdaq under the ticker symbols “MSAI” and “MSAIW”. Since the listing application was not approved before the closing, the company expects Nasdaq to initiate delisting procedures, subject to the company’s ability to appeal the delisting. It plans to challenge any delisting actions by proving its compliance with Nasdaq’s initial listing requirements, which it anticipates completing in the upcoming days.
In connection with the completion vote, 1,521,011 of the 1,634,944 public shares of SMAP’s common stock were redeemed. As a result, an aggregate total of 99.01% of the SPAC’s trust has been redeemed across all of its votes, including prior redemptions at extension votes and it is left with approximately $1.2 million in cash.
Earlier this month, SportsMap agreed to sell $6.8 million in convertible notes to various investors, with the closing of these notes contingent upon the completion of its combination. Some of these notes replaced existing SportsMap notes, while others provided new cash proceeds to the company.
Key company figures, including CEO David Gow and director Steven Webster, participated in this financing by converting their existing notes rather than cash repayment. The notes will mature three years after closing and can be converted into shares at $10.00 each.
SportsMap Tech inked its $100 million deal with ICI in December 2022. Beaumont, Texas-based Infrared Cameras Holdings develops and manufactures infrared-sensor systems, offering handheld and fixed hardware.
Following the close, Infrared Cameras’ CEO Gary Strahan, and the current management team will continue to lead the combined company. Its main strategic priorities will be driving new customer expansion, solidifying operational excellence, and continual improvements to the devices and software.
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