---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-22-124911"
form_type: "8-K"
ticker: "MSAI"
cik: "0001863990"
company_name: "MultiSensor AI Holdings, Inc."
filed_at: "2022-12-06T23:59:59+00:00"
generated_at: "2026-06-21T09:11:09.038409+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# SportsMap Tech to acquire Infrared Cameras Holdings in all-stock merger valued at ~$100M base equity

## Summary
- Base equity value of $100M adjusted for debt, cash, and option exercises; consideration in SPAC common stock at $10/share.
- Earnout of up to 2.4M shares if stock hits $12.50 or ICI revenue reaches $68.5M by Dec 2024.
- Transaction expected to close first half of 2023, subject to SPAC stockholder approval and other conditions.
- Sponsor and major holders agreed to vote in favor and subject to lock-up: 50% released after 6 months or $12.50 trigger.
- ICI stockholders to receive registration rights; debt and cash adjustments affect final exchange ratio.

## SEC filing metadata
- accession: 0001104659-22-124911
- form_type: 8-K
- ticker: MSAI
- cik: 0001863990
- company_name: MultiSensor AI Holdings, Inc.
- filed_at: 2022-12-06T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1863990/000110465922124911/0001104659-22-124911-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1863990/000110465922124911/tm2232010d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-22-124911
- JSON: https://secwatch.observer/filing/0001104659-22-124911.json
- Plain text: https://secwatch.observer/filing/0001104659-22-124911.txt

## Key facts
- Material Agreements
  MultiSensor AI Holdings, Inc. entered into Business Combination Agreement with Infrared Cameras Holdings, Inc. (effective 2022-12-05).
  - Action: entry
  - Agreement: merger
  - Counterparty: Infrared Cameras Holdings, Inc.
  - Effective: 2022-12-05
  source text: On December 5, 2022, SportsMap Tech Acquisition Corp., a Delaware corporation (“ SportsMap ”), entered into a Business Combination Agreement (as it may be amended, supplemented or otherwise modified from time to time, the “ Business Combination Agreement ”), by and among SportsMap, Infrared Cameras Holdings, Inc., a Delaware corporation (“ ICI ”), and ICH Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of SportsMap (“ Merger Sub ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1863990/000110465922124911/0001104659-22-124911-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.