Business
Jackpot Digital's Plan of Arrangement Receives Final Court Approval and Jackpot Sets Record Date of the Spinout
VANCOUVER, BC / ACCESSWIRE / October 8, 2021 / Jackpot Digital Inc. (the "Company" or "Jackp...
About this update from Jackpot Digital Inc.
[{"type":"text","content":"Jackpot Digital’s Plan of Arrangement Receives Final Court Approval and Jackpot Sets Record Date of the SpinoutVANCOUVER, BC / ACCESSWIRE / October 8, 2021 / Jackpot Digital Inc. (the \"Company\" or \"Jackpot\") (TSXV:JJ)(TSXV:JJ.WT.A)(TSXV:JJ.WT.B)(TSXV:JJ.WT.C)(OTCQB:JPOTF)(Frankfurt & Berlin Exchanges:LVH3). Further to the Company's news release dated September 16th, 2021, Jackpot is pleased to report that it has received the final approval from the Supreme Court of British Columbia for the spinout of its online gaming assets to its wholly owned subsidiary Yo Eleven Gaming Inc. (\"Yo Eleven\") by a plan of arrangement pursuant to the British Columbia Business Corporations Act (the \"Spinout\").In accordance with the terms of the Spinout, as consideration for the transfer by Jackpot of its online gaming assets, Yo Eleven will issue to Jackpot shareholders one (1) Yo Eleven common share for every five (5) Jackpot common shares held.Jackpot has set November 1, 2021 as the record date for the Spinout. Jackpot shareholders that own the Company's common shares as of the market close on Thursday October 28, 2021 will be shareholders of record as of November 1, 2021 (the \"Record Date\") and will be eligible to receive Yo Eleven common shares from the Spinout distribution.The ex-distribution date and record date shall be as follows:Ex-Distribution Date: October 29, 2021Record Date: November 1, 2021No fractional shares of Yo Eleven will be distributed to Jackpot shareholders and, as a result, all fractional amounts arising under the Arrangement will be rounded down to the nearest whole number without any compensation therefor.For more information regarding the Spinout and Yo Eleven, please refer to the Company's Management Information Circular which is available under the Company's profile on SEDAR at www.sedar.com and also on the Company's website at www.jackpotdigital.com.Additionally, and further to the Company's news release dated June 30th, 2021, the Company has issued 124,967 Jackpot common shares at a deemed price of $0.28 per common share in settlement of accrued interest todebenture holders totaling $34,990.96. The common shares issued are subject to a hold period expiring December 24, 2021.About Jackpot Digital Inc.Jackpot Digital Inc. is a leading electronic table games manufacturer and mobile gaming provider for...