AKIC Sports Ventures Acquisition
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 22, 2021
SPORTS VENTURES ACQUISITION CORP.
(Exact name of registrant as specified in its charter)
|(State or other jurisdiction|
9705 Collins Ave 1901N
Bal Harbour, FL 33154
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: 786-650-0074
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|☐||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|☐||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|☐||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|☐||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
Securities registered pursuant to Section 12(b) of the Act:
|Title of each class||Trading|
|Name of each exchange on|
|Units, each consisting of one Class A Ordinary Share and one-third of one Redeemable Warrant||AKICU||The Nasdaq Stock Market LLC|
|Class A Ordinary Shares, par value $0.0001 per share||AKIC||The Nasdaq Stock Market LLC|
|Warrants, each whole warrant exercisable for one Class A Ordinary Share for $11.50 per share||AKICW||The Nasdaq Stock Market LLC|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☑
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
Separate Trading of Units, Class A Ordinary Shares and Warrants
On January 8, 2021, Sports Ventures Acquisition Corp. (the “Company”) consummated its initial public offering (the “IPO”) of 23,000,000 units (the “Units”), including 3,000,000 Units issued pursuant to the exercise of the underwriters’ over-allotment option in full. Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (“Class A Ordinary Shares”), and one-third of one redeemable warrant of the Company (the “Warrants”), with each whole Warrant entitling the holder thereof to purchase one share of Class A Ordinary Share for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $230,000,000.
On February 22, 2021, the Company issued a press release, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K, announcing that the holders of the Units may elect to separately trade the Class A Ordinary Shares and Warrants comprising the Units commencing on February 26, 2021. Those Units not separated will continue to trade on the Nasdaq Stock Market LLC under the symbol “AKICU,” and the Class A Ordinary Shares and Warrants that are separated will trade on the Nasdaq Stock Market LLC under the symbols “AKIC” and “AKICW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Holders of the Units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the Units into Class A Ordinary Shares and Warrants.
Item 9.01 Financial Statements and Exhibits.
|(d)||Exhibits. The following exhibit is filed with this Form 8-K:|
Description of Exhibits
|99.1||Press Release dated February 26, 2021|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|SPORTS VENTURES ACQUISITION CORP.|
|By:||/s/ Alan Kestenbaum|
|Name: Alan Kestenbaum|
|Title: Chief Executive Officer and|
Chairman of the Board
|Dated: February 22, 2021|