Item 1.01 Entry into a Material Definitive Agreement
On March 16, 2022, SportsTek Acquisition Corp. (the "Company") issued a
promissory note (the "Note") in the principal amount of up to $1,000,000 to JTJT
Partners LLC (the "Sponsor"). The Note was issued in connection with advances
the Sponsor has made, and may make in the future, to the Company for working
capital expenses. If the Company completes an initial business combination (a
"Business Combination"), the Company would repay the Note out of the proceeds of
the trust account released to the Company. Otherwise, the Note would be repaid
only out of funds held outside the trust account. In the event that a Business
Combination does not close, the Company may use a portion of the working capital
held outside the trust account to repay the Note but no proceeds from the trust
account would be used to repay the Note. At the election of the Sponsor, all or
a portion of the unpaid principal amount of the Note may be converted into
warrants of the Company at a price of $1.00 per warrant (the "Conversion
Warrants"). The Conversion Warrants and their underlying securities are entitled
to the registration rights set forth in the Note.
The issuance of the Note was made pursuant to the exemption from registration
contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
The foregoing description is qualified in its entirety by reference to the Note,
a copy of which is attached as Exhibit 10.1 hereto and is incorporated herein by
reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an
Off-balance Sheet Arrangement of a Registrant.
The disclosure contained in Item 1.01 of this Current Report on Form 8-K is
incorporated by reference in this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
99.1 Promissory Note of the Company, dated March 16, 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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