Jackpot Announces Terms of Spin-out Aimed at Entering the Regulated iGaming Markets
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Jackpot Digital Inc. announced a spin-out of its online gaming software assets to a newly incorporated subsidiary of Jackpot. The Spin-Out will be completed as a plan of arrangement under the Business Corporations Act (British Columbia) (BCBCA). The assets transferred to Spinco will include proprietary software JackPot already owns and any additional software that may be acquired by Jack Pot. SpinCo will issue common shares to Jack potter's registered shareholders as of the record date of July 21, 2021.
The purpose of the Spin-Out is to leverage and monetize the Company's Online Gaming Assets and commercial relationships in the gaming sector. The Spinco will be a separate public company. It will have the same directors as Jackpot. JackPot's CEO Jake Kalpakian will also be Spin co's chief executive officer. CFO Neil Spellman will become Spin Co's finance director. The spin-out is conditional on the approval of 66 2/3% of Jackpott's outstanding shares. A special meeting of shareholders will take place on or about September 16, 2021.
Jackpot Announces Terms of Spin-out Aimed at Entering the Regulated iGaming Markets. Spinco will be able to attract specialized management to run the online gaming operations. Holding the Online Gaming Assets in SpinCo will accelerate development of the business.
Jackpot Announces Terms of Spin-out Aimed at Entering the Regulated iGaming Markets.
Jackpot Announces Terms of Spin-out Aimed at Entering the Regulated iGaming Markets. Forward-looking statements are subject to a variety of risks and uncertainties and could cause actual events or results to differ from those expressed or implied. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release.
