Company Briefs : Sports & Health Tech Acquisition

A blank-cheque company backed by professional golfer Tiger Woods filed to raise US$150 million (S$202 million) in an initial public offering.

Sports & Health Tech Acquisition, based in Orlando, Florida, said in its filing on Thursday with the US Securities and Exchange Commission that it plans to seek a merger target in the sports or health technology sectors with an enterprise value of US$600 million to US$1 billion.

Mr Woods is the lead investor in the special purpose acquisition company, which is his first participation in a blank-cheque firm.

BLOOMBERG

Dogecoin, the cryptocurrency with a Shiba Inu meme founded in 2013, surged yesterday after Mr Elon Musk said on Twitter that it could be used to buy Tesla merchandise. It was a standout on a day when other cryptocurrencies remained relatively flat.

Mr Musk has hinted at the move for some time. In addition, numerous reports recently indicated that source code on Tesla's website included an option for Dogecoin payments. Mr Billy Markus, Dogecoin's co-creator, tweeted yesterday with an image that appeared to show a Tesla "Cyberwhistle" collectible available for a price of 300 Dogecoin.

BLOOMBERG

Japan's Hitachi said yesterday that it plans to sell about half of its stake in Hitachi Construction to trading company Itochu in a sale worth about 182.4 billion yen (S$2.15 billion). Itochu will buy Hitachi's stake for 3,300 yen a share with Japan Industrial Partners. Hitachi currently owns a 51.5 per cent stake in the construction company. The sale would represent a final tranche of Hitachi's decade-long business portfolio overhaul, in which it sold chip-making equipment manufacturer Hitachi Kokusai Electric and chemicals maker Hitachi Chemical in recent years.

REUTERS