Tiger Woods-backed SPAC gears up to go public with $150m fund raise
A special purpose acquisition company (SPAC) backed by Tiger Woods is heading for an initial public offering as it looks to raise $150m to snap up a sports and health tech firm.
Sports & Health Tech Acquisition Corp., headed by sports entrepreneur Andrew White, said it was targeting a company with a value between $600M and $1B, according to the filing.
Spacs, which list on public markets to raise money to acquire businesses, raised 162 billion U.S. dollars in IPOs in the United States last year.
The management team for Sports & Health Tech Acquisition Corp. also includes Christopher Hubman who has been the CFO of TGR, Tiger Woods Ventures since 2000 and Woods’ long-term agent Mark Steinberg, who Woods has worked with for over 25 years.
LeAD Sports & Health Tech Sponsor, The SPACs sponsor, said it would to purchase 9.5M warrants in a private placement that will occur simultaneously with the closing of the proposed public offering.
Woods is the latest of a spate of American sports stars to get involved in blank-cheque acquisition firms. Baseball player Alex Rodriguez, NFL star Colin Kaepernick and basketballer Shaquille O’Neal have all invested in SPACs in the past year.