Sports Ventures Acquisition Corp.
AKIC
NASDAQ Capital Market10.11
USD
+0.01
- -
CIK
0001826574
ISIN
KYG8372A1031
Return %
Stock
S&P500
1Y
2.11
18.21
3Y
1.39
64.38
5Y
1.39
72.43
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Alan Kestenbaum
- Sector
- Financial Services
- Industry
- Shell Companies
- Address
- 9705 Collins Avenue 1901 North Bal Harbour FL United States of America 33154
- IPO Date
- Feb 26, 2021
- CIK
- 0001826574
- Website
- sportsventuresacq.com
- Similar Companies
- Business
- Sports Ventures Acquisition Corp. is a special purpose acquisition company (SPAC) formed primarily to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in the sports, media, and entertainment sectors. The company targets businesses involved in traditional and emerging sports, film and television production, and infrastructure related to these industries. Incorporated in 2020, Sports Ventures Acquisition Corp. is headquartered in Bal Harbour, Florida. The company does not manufacture or sell products directly but focuses on facilitating strategic acquisitions and mergers within the sports and entertainment industries. Its core activity is identifying and partnering with companies that operate in sports franchises, media content creation, sports technology, and entertainment venues, providing a vehicle for private companies to access public capital markets through the SPAC structure. In a notable recent development, Sports Ventures Acquisition Corp. pursued a high-profile business combination agreement with DNEG, a multinational visual effects and animation company serving the film, television, and multiplatform content industries. The proposed merger valued DNEG at approximately $1.7 billion, positioning Sports Ventures to become a significant player in media and entertainment through the combined entity. However, the SPAC failed to complete the transaction within the designated timeframe, leading to the decision to dissolve and liquidate in late 2022, with liquidation actions to disburse trust account funds finalized by December 29, 2022. The sponsor waived redemption rights for Class B common stock, and warrants expired worthless. The company expressed intent to explore other acquisition opportunities going forward. Sports Ventures Acquisition Corp. has aimed to focus on expanding its reach into the sports, media, and entertainment sectors via partnerships, mergers, and acquisitions, targeting both U.S. and international markets, including sports leagues and emerging platforms. Its business model centers around leveraging capital markets to facilitate growth and entry for companies in these dynamic sectors. The company operates as a publicly traded entity on NASDAQ under the ticker symbol AKIC until its liquidation phase commenced. Overall, Sports Ventures Acquisition Corp. serves as a blank check company designed to capitalize on consolidation and investment opportunities in sports and entertainment, with a strategic emphasis on emerging sports trends, media, and content production infrastructure, backed by a foundation established in 2020 and headquartered in Florida. Its most recent significant corporate event was the unsuccessful merger attempt with DNEG followed by liquidation proceedings slated for completion in late 2022, marking a pivotal operational change in its corporate lifecycle.
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