Announcement • Aug 17
Jai Maw, Jeremy Jakary, and GeoComply Solutions Inc. completed the acquisition of FansUnite US Inc. from FansUnite Entertainment Inc. (TSX:FANS). Jai Maw, Jeremy Jakary, and GeoComply Solutions Inc. have entered into a definitive agreement to acquire FansUnite US Inc. from FansUnite Entertainment Inc. (TSX:FANS) for $37.5 million on June 27, 2024. Pursuant to the Stock Purchase Agreement, as consideration for all of the issued and outstanding shares of FansUS, the Purchaser has agreed to pay to FansUnite an aggregate purchase price of $37.5 million as follows: $30.6 million, to be paid in cash on the closing of the Transaction after adjustment on a cashfree and debt-free basis; and $6.9 million, to be satisfied through the cancellation of the Demand Note In case of termination of transaction, FansUnite Entertainment Inc. will pay a termination fee of $1.75 million. Completion of the Transaction is also subject to satisfaction or waiver of a number of conditions, including the receipt of requisite shareholder approval, TSX acceptance, all necessary regulatory and third-party approvals, and other conditions customary in transactions of this nature. The Board of Directors of FansUnite Entertainment Inc. formed a special committee for the transaction. The deal has been unanimously approved by the board of directors and special committee of FansUnite Entertainment Inc.. The expected completion of the transaction is August 15, 2024. As of August 13, 2024 transaction was approved by FansUnite shareholders. Stifel acted as exclusive financial advisor to FansUnite, and BDO (Canada) LLP acted as independent valuator and financial advisor to the Special Committee. BDO (Canada) LLP has provided to the Special Committee a formal valuation and fairness opinion in connection with the transaction. DLA Piper (Canada) LLP and DLA Piper LLP are acting as FansUnite's Canadian and United States legal counsel. Laurel Hill AdvisoryGroup is acting as FansUnite's Shareholder Communications Advisor. Stikeman Elliot LLP is acting as legal counsel to the Special Committee. Fenwick & West LLP is acting as the Betting Hero Co-Founders' legal counsel. Blake, Cassels & Graydon LLP and Chere See, Erik Knudsen of Morrison & Foerster LLP are acting as GeoComply's Canadian and United States legal counsel.
Jai Maw, Jeremy Jakary, and GeoComply Solutions Inc. completed the acquisition of FansUnite US Inc. from FansUnite Entertainment Inc. (TSX:FANS) on August 15, 2024. Reported Earnings • Aug 16
Second quarter 2024 earnings released: CA$0.005 loss per share (vs CA$0.013 loss in 2Q 2023) Second quarter 2024 results: CA$0.005 loss per share (improved from CA$0.013 loss in 2Q 2023). Net loss: CA$1.75m (loss narrowed 63% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 54% per year, which means it is performing significantly worse than earnings. 
