Business
FansUnite Completes Sale of Betting Hero to Hero Group Corp., Declares Distribution and Sets Date for TSX Delisting
FansUnite Completes Sale of Betting Hero to Hero Group Corp., Declares Distribution and Sets Date for TSX Delisting.
About this update from Fansunite Entertainment Inc.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - August 15, 2024) -  FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) (\"FansUnite\" or the \"Company\") is pleased to announce that, further to its news release dated June 27, 2024, FansUnite completed the sale of all of the issued and outstanding shares of FansUnite US Inc. (\"FansUS\"), a wholly-owned subsidiary of FansUnite that carries on its Betting Hero business, to Hero Group Corp. (the \"Purchaser\") for an aggregate purchase price of US$37.5 million, adjusted on a cash-free, debt-free basis (the ‎‎\"Transaction\").As previously announced, the Purchaser is controlled 60% indirectly by Betting Hero's co-founders, Jai Maw and Jeremy Jakary (the \"Betting Hero Co-Founders\"), and 40% by GeoComply Solutions Inc.Scott Burton, FansUnite's Chief Executive Officer, Director and Chairman of the board of directors (the \"Board\"), commented, \"The completion of this sale represents the culmination of a tremendous amount of effort from the entire FansUnite team, and I am proud of what we have accomplished. I extend my sincere thanks to our shareholders for their support throughout this journey. I also want to acknowledge the exceptional efforts of our Board, advisors, and legal teams, whose dedication was vital in bringing this transaction to a close. We wish the Betting Hero and GeoComply teams continued success and look forward to exploring new opportunities that will create value for our shareholders.\"TSX DelistingIn connection with the closing of the Transaction, the Company expects the Toronto Stock Exchange (\"TSX\") to delist the common shares of FansUnite on August 21, 2024 (the \"Delisting\") and accordingly trading of FanUnite's common shares will cease in the Canadian public market. The Company will apply to withdraw the quotation of its common shares from the OTCQB as soon as possible after the Delisting. The Transaction and the Delisting remain subject to final acceptance by the TSX.DistributionFansUnite is pleased to announce the distribution of a portion of the net proceeds of the Transaction (after payment or discharge of certain obligations and liabilities of FansUnite and FansUS, including those associated with the Transaction or otherwise) to its shareholders as a return of capital (the \"Distribution\"). The Distribution is expecte...