Sports Ventures Acquisition goes into liquidation

Sports Ventures Acquisition announced that, due to its inability to consummate an initial business combination within the time period required by its charter, the company intends to dissolve and liquidate and will redeem all of the outstanding shares of Class A common stock included in the units issued in its initial public offering at a per-share redemption price of approximately $10.12. Record holders will receive their pro rata portion of the proceeds of the trust account by delivering their Public Shares to Continental Stock Transfer & Trust Company, the company’s transfer agent. Beneficial owners of Public Shares held in "street name," however, will not need to take any action in order to receive the redemption amount. The redemption of the Public Shares is expected to be completed by December 29. There will be no redemption rights or liquidating distributions with respect to the company’s warrants, which will expire worthless.