Business
FlashBet App Rights Acquisition and Equity Is...
FlashBet App Rights Acquisition and Equity Is....
About this update from Nyce International Plc
[{"type":"text","content":"\n\n \n \n\n\n\n\n17 August 2023\nChallengerX plc \n (“ChallengerX”, “CXS\" or the Company\")\nFlashBet App Rights Acquisition and Equity Issue\nChallengerX (AQUIS: CXS), the company that employs both traditional and non-traditional marketing strategies to rapidly “professionalise” amateur and semi-professional sports clubs around the world, is pleased to announce that it has entered into an exclusive licence agreement with Flash Corp Technologies Ltd (“Flash Corp”) by which the Company has acquired a renewable 13-month license over the rights of FlashBet Wheel App’s design and technology in UK and Europe, for a consideration to be satisfied by 80,000,000 new ordinary shares of £0.001 each issued at market price of 0.55p in ChallengerX (“New Shares”), representing 18.91% of the enlarged issued share capital of ChallengerX. Under the terms of the licence agreement, ChallengerX has the right to continually extend the license on a year-by-year basis for a royalty fee calculated as an amount equal to 10% of ChallengerX’s yearly revenue. In addition, at any time during or at the end of the licence term, ChallengerX will have the right to acquire the exclusive rights to the intellectual property relating to FlashBet Wheel App Technology in perpetuity for a consideration to be satisfied by the issue of 900,000,000 shares.\nAbout Flash Corp and the FlashBet Wheel App:\nFlash Corp is a company that develops and promotes technology for the sports betting and gaming industry. Flash Bet is a patented digital gaming platform that aims to improve the way bettors engage with online betting. Flash Corp’s shareholders comprise a number of individuals and companies, with Tik Tok Technologies Limited (a company incorporated in England & Wales, with company number 10221419; for the avoidance of doubt, the company has no connection with TikTok app or its parent company ByteDance Ltd) and Gazelle Investments Limited (a company incorporated in the Turkish Republic of Northern Cyprus with company numb...