Houston Business and Energy Blog
Blog covering Houston area CFO moves, M&A, IPO's, and fraud
Houston Public Companies
The FENG
My Accounting Horror Stories
Houston SPAC to take Infrared Cameras public
Sportsmap Tech Acquisition Corp, a Houston SPAC (Special Purpose Acquisition Company) is to take Infrared Cameras Holdings ("ICI") public in a $100 million deal.
ICI designs and develops thermal cameras and sensing hardware as well as a proprietary subscription software used to analyze thermal data points. Commercial applications include the detection of methane leaks in wells and pipelines and monitoring of conveyor belt equipment in warehouses. The business presumably got a boost with temperature screening during COVID.
ICI was formed in 1995 and is based in Beaumont, Texas. CEO Gary Strahan has lived there since he was two. He started out as a welder and diver, performing underwater non-destructive testing and then worked for companies developing infrared cameras before starting ICI.
No financial details about ICI were disclosed in today's announcement.
Sportsmap went public in October 2021 with a $100 million IPO. The business aimed to make an acquisition in sports technology such as wearables, data analytics, new methods of fan engagement, and new esports and gambling platforms. Oh Well!
A couple of names well known to Houston sports fans are also Directors of Sportsmap.
Reid Ryan, former President of the Houston Astros. He is the son of Nolan Ryan.
Oliver Luck, former General Manager of the Houston Dynamo and former CEO of the Houston Sports Authority. He is the father of Andrew Luck, the number one draft pick in 2012.
The deal should close in the first half of 2023. Under the terms of its IPO, Sportsmap has until April 2023 to complete a deal, otherwise it has to return the money it raised to investors.
SEC filing – 8-K Sportsmap ICI
This entry was posted in Manufacturing and tagged SPAC on December 6, 2022 by Andrew Jowett.
← Coterra to pay $16 million to improve water quality Social Influencers charged in $114m Pump-and-Dump scheme →
Battalion Oil appoints new CFO
Flotek CEO steps down
Black Stone Minerals CFO to depart
Houston insurance company completes $134 million IPO
Weatherford appoints new CFO after long search
Archives Select Month January 2023 December 2022 November 2022 October 2022 September 2022 August 2022 July 2022 June 2022 May 2022 April 2022 March 2022 February 2022 January 2022 December 2021 November 2021 October 2021 September 2021 August 2021 July 2021 June 2021 May 2021 April 2021 March 2021 February 2021 January 2021 December 2020 November 2020 October 2020 September 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 September 2016