Most recently, Alberta-based gaming operator and media company HeadsUp provided an update on its previously announced Reverse Triangle Merger. The firm reported that it has now identified, and has been identified by an acquiring company for the completion of the said RTM, which would allow moving to a high-tier exchange.
As mentioned, the company is located in Alberta and it is a global gaming operator and media company which focuses mainly on digital gambling online poker, eSports, traditional sports betting, and online lottery. In addition to that, the company’s activities and services also include charity fundraising platforms, software and blockchain-based payment options.
As per the latest update from the Canadian firm, it has now been identified and has been identified by an acquiring company for the RTM. Also, the company has been in a mandated quiet period under a series of NDAs to finalize a series of corporate finance agreements to consolidate its assets along with a number of previously announced and upcoming new transactions.
Management will now have to complete 2 years of audited financial statements, which comes after its January 31 year-end. It also needs to sort out Registration Statement to meet exchange requirements for the completion of the proposed transactions. This process will provide the information required by the Alberta Securities Commission to request the removal of the Cease Trade Order in Canada.
Also, worth noting that via the process of finalizing the audits and Registrations Statement, the Alberta-based firm will be able to start the process of drafting details of multiple transactions including acquisitions, new strategic partnerships and new global product launches. These apply to those items which until recently had been under strict non-disclosure commitments.
The company’s officials are not yet allowed to publicly share the name of the targeted consolidation vehicle but will make all material disclosures required as it navigates through the corporate finance process. The management team will also welcome new members which will define the size of the enhanced business model in its multi-pillared monetization plan for the gaming, lottery and media sectors.
More on Alberta’s Gambling Sector
More recent news from the province’s gambling field includes VICI Properties’ agreement to purchase four casinos from Pure Canadian Gaming Corporation. The four casinos are Pure Casino Edmonton, Pure Casino Yellowhead, Pure Casino Calgary, and Pure Casino Lethbridge. According to the companies, the agreed deal amounted to approximately CA$271.9 million.
Meanwhile, the province is also dealing with the potential relocation of Camrose Resort Casinos to Edmonton. The move was blocked by the Alberta Gaming, Liquor and Cannabis Commission, however, recently, Woodlands County and the Town of Barrhead declared their support for the proposed relocation, as it would benefit non-profits in the region.
Source: “HeadsUp Entertainment Targeted for Completion of Reverse Triangle Merger” PR Newswire, March 15, 2023