Adventure Box Technology's Strategic Move to Expand iGaming Footprint
Adventure Box Technology AB Completes Acquisition
Adventure Box Technology AB (NASDAQ: ADVBOX) recently announced a major development with the completion of its acquisition of Lion Gaming Group Inc. This strategic move was authorized during an Extraordinary General Meeting, solidifying Adventure Box's place in the competitive iGaming industry.
A Strategic Agreement
The acquisition process was initiated with a conditional Share Purchase Agreement signed earlier. This agreement allowed Adventure Box Technology to acquire all shares in Lion Gaming, a top-notch provider of technology platforms tailored for iGaming ventures. The total purchase price reached approximately SEK 467 million, settled through newly issued shares valued at SEK 0.40 each.
Empowering Shareholders
As a direct result of this transaction, Lion Gaming shareholders are now significant stakeholders, holding about 94.88% of Adventure Box’s total shares and voting rights. This transition signifies a pivotal progression for Adventure Box, as it not only enhances its market positioning but also demonstrates a commitment to innovation and global expansion.
CEO's Vision for the Future
Duncan McIntyre, the CEO of Adventure Box AB, expressed optimism regarding the acquisition, stating, "This marks the beginning of an exciting chapter. With the merger finalized, we are ready to tap into synergies that will propel our global growth. Our collaboration with Lion Gaming places us in an advantageous position in the iGaming landscape, allowing us to drive revenue and leverage our combined strengths to outpace competitors."
Meeting Acquisition Conditions
The successful culmination of this acquisition involved several prerequisites, which included the settlement of Lion’s convertible bonds, agreement from warrant holders to transition to new warrants, and comprehensive participation from all Lion shareholders. Additionally, the company had to ensure that the value of assets contributed as payment appropriately aligned with the new shares' subscription price.
Share Capital Enhancement
Involved in facilitating this acquisition, Adventure Box issued up to 1,166,272,194 new shares, which increased its share capital by SEK 116,627,219.40. The raised share price not only reflects a premium but also demonstrates the companies' negotiated market values, as both companies are now well-positioned for future endeavors.
Warrants and Future Opportunities
Furthermore, the acquisition included a new issue of up to 5,573,495 warrants intended to replace existing warrants from Lion. Each warrant allows the holder to subscribe to a new share in Adventure Box at the previously agreed subscription price, valid until the end of 2034, providing opportunities for further investments and growth.
Strengthening the iGaming Sector
With this acquisition completed, Adventure Box strives to fortify its presence in the iGaming sector significantly. Leveraging Lion's established technology platform and operational expertise, the company aims to enhance growth trajectories and deliver increased value for its shareholders.
Following the transaction, Adventure Box has updated projections for Lion's financial performance, noting an estimated turnover of 51.7 MSEK and an EBITDA of 2.3 MSEK for the 2024 fiscal year. These figures reflect a clear focus on achieving profitability while exploring further growth avenues without incorporating the impacts of future acquisitions.
Contact Information
For more information, please contact:
Duncan McIntyre
Adventure Box Technology AB (publ)
d.mcintyre@liongaming.io
d.mcintyre@adventurebox.com
+1 (778) 996-3596
About Adventure Box Technology AB
Adventure Box Technology is at the forefront of online gaming with its innovative platform, KoGaMa. This unique game creation tool empowers users to create and share engaging gaming experiences within a vibrant social metaverse. Founded in 2014, the company operates across multiple locations, including Seville, Copenhagen, and Madrid, showcasing a diverse talent pool dedicated to pushing the boundaries of digital entertainment.
Frequently Asked Questions
What does the acquisition mean for Adventure Box Technology?
This acquisition enhances Adventure Box's technological capabilities and market position within the iGaming industry.
Who is Lion Gaming Group Inc.?
Lion Gaming is a prominent provider of technology platforms for iGaming, which has now integrated into Adventure Box's operations.
What changes will occur for Lion's shareholders?
Post-acquisition, Lion's shareholders will hold a significant percentage of shares in Adventure Box, impacting future governance and strategic directions.
What are the projected financial outcomes of the acquisition?
The acquisition is projected to lead to improved financial stability and growth opportunities for Adventure Box, enhancing its valuation in the market.
How can I contact Adventure Box Technology AB?
You can contact Duncan McIntyre via email at d.mcintyre@adventurebox.com or call +1 (778) 996-3596 for inquiries.
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