Sports Ventures Acquisition Announces Liquidation, Redemption Of Outstanding Shares Included In IPO At $10.12/Share

Sports Ventures Acquisition Corp. (NASDAQ:AKIC) (the "Company") announced today that, due to its inability to consummate an initial business combination within the time period required by its amended and restated memorandum and articles of association (the "Charter"), the Company intends to dissolve and liquidate in accordance with the provisions of its Charter and will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its initial public offering (the "Public Shares"), at a per-share redemption price of approximately $10.12.

In order to provide for the disbursement of funds from the trust account, the Company has instructed the trustee of the trust account to take all necessary actions to liquidate the securities held in the trust account. The proceeds of the trust account will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares. 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, 2022.

The Company's sponsor has agreed to waive its redemption rights with respect to its outstanding Class B common stock issued prior to the Company's initial public offering and the Class A ordinary shares contained in the units issued in a private placement concurrent with the initial public offering.

There will be no redemption rights or liquidating distributions with respect to the Company's warrants, which will expire worthless.