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Sports-focused SPAC Counter Press Acquisition files for a $75 million IPO

December 21, 2021

Counter Press Acquisition, a blank check company targeting businesses in the sports, media and data analytics sectors, filed on Tuesday with the SEC to raise up to $75 million in an initial public offering.

The company plans to raise $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Counter Press Acquisition would command a market value of $98 million.

Counter Press Acquisition is led by Chairman Randy Frankel, the co-owner of the MLB team the Tampa Bay Rays; CEO and Director Paul Conway, the co-founder of Pacific Media Group; and CFO and Director Michael Kalt, the founder and managing member of Partners Path Capital. The company seeks to leverage management's experience and target businesses in the sports, media, and data analytics sectors, with a focus on professional sports businesses. 

The Lake Success, NY-based company was founded in 2021 and plans to list on the Nasdaq under the symbol CPAQU. BTIG and EarlyBirdCapital are the joint bookrunners on the deal.