Business By The Books: Tekkorp SPAC Scraps Sports Betting Plans

Tekkorp is no longer looking for a sports betting company to acquire and take public through a SPAC.

The blank-check company announced the deal was dead Tuesday after it chose not to seek an extension to the Oct. 26 deadline.

Tekkorp was targeting a gaming business with a $1-$2 billion enterprise value, according to its registration statement from August 2020. The company ended with $251.3 million held in trust and will redeem 100% of shares at $10.05.

What about online IL sports betting license?

Tekkorp was the only applicant that won one of the three $20 million standalone Illinois sports betting licenses this April.

  
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