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DNEG, a forefront visual effects and animation studio, won the BAFTA award for Special Visual Effects for its work on Dune. Notably, DNEG contributed to four of the five films nominated in this category. This recognition, along with seven Visual Effects Society awards received recently, underscores DNEG's industry excellence. The studio holds two Academy Award nominations for Dune and No Time To Die. DNEG’s winning streak now totals seven BAFTA awards, further solidifying its status in the visual effects sector.
DNEG, a leading visual effects and animation company, will engage in a fireside chat and one-on-one investor meetings at the Deutsche Bank 30th Annual Media, Internet & Telecom Conference on March 14, 2022. CEO Namit Malhotra and Sports Ventures Acquisition Corp. CEO Alan Kestenbaum will participate in the chat at 12:05 PM ET. DNEG is expected to go public through a merger with Sports Ventures Acquisition Corp., highlighted in its recent announcements. For those interested, the fireside chat will be available via live webcast on DNEG's Investor Relations site.
Brodsky & Smith has initiated investigations regarding possible fiduciary duty breaches by the Boards of several SPACs, including Sports Ventures Acquisition Corp. (AKIC). The investigation focuses on whether the Boards conducted fair processes during their mergers, particularly concerning shareholder dilution. In the case of AKIC, the company plans to merge with DNEG, a visual effects and animation firm, retaining 14.9% ownership for Sports Ventures shareholders. Concerns are raised about potential financial implications and governance standards.
DNEG, a leader in visual effects and animation, has entered a definitive business combination agreement with Sports Ventures Acquisition Corp. (NASDAQ: AKIC). This transaction will result in DNEG becoming a publicly traded company, with an enterprise value of approximately $1.7 billion. DNEG projects $400 million in revenue and $100 million in adjusted EBITDA for FY2022. The company has a strong order book of $731 million and plans to utilize around $400 million in gross transaction proceeds to enhance growth and innovation, particularly in gaming and new markets.
Sports Ventures Acquisition Corp. (NASDAQ: AKIC) announced it received a notice from Nasdaq for failing to file its Quarterly Report on Form 10-Q for Q1 2021 on time. The delay was attributed to uncertainties in accounting for warrants issued by SPACs. The company has until July 27, 2021, to submit a plan for compliance, with potential extensions granting up to November 22, 2021. The firm is actively working to complete the Form 10-Q but warns there is no assurance of regaining compliance or maintaining listing requirements.
Sports Ventures Acquisition Corp. announced the successful closing of its IPO, raising $230 million by offering 23 million units priced at $10.00 each, including an over-allotment option. The company plans to target businesses in the sports, media, and entertainment sectors for potential mergers and acquisitions. The units began trading on Nasdaq under the symbol AKICU. Each unit comprises one Class A ordinary share and a third of a warrant, with a full warrant priced at $11.50. The registration statement was effective as of January 5, 2021.
Sports Ventures Acquisition Corp. announced the pricing of its IPO, offering 20 million units at $10 each, set to trade under the symbol AKICU on Nasdaq starting January 6, 2021. Each unit consists of one Class A ordinary share and a third of a redeemable warrant, with whole warrants priced at $11.50. The transaction is expected to close on January 8, 2021. The company plans to focus on potential mergers in the sports, media, and entertainment sectors, with Deutsche Bank Securities as the sole book running manager. Forward-looking statements warn of uncertainties regarding the offering's completion.
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