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The NYSE has suspended trading in Cohn Robbins Holdings Corp.'s Class A ordinary shares, warrants, and units due to non-compliance with listing standards, specifically failing to maintain a market capitalization of at least $40 million over a 30-day period. The NYSE will initiate delisting proceedings, although the company can appeal the decision. The management is evaluating its options, including pursuing a review.
Allwyn AG and Cohn Robbins Holdings Corp. (CRHC) have mutually decided not to proceed with their proposed business combination due to increasing market volatility and economic concerns. Despite receiving nearly $700 million in investor commitments, both companies concluded that current conditions were unfavorable. Allwyn aims to pursue public market entry and growth opportunities in the US, particularly with the upcoming operation of the UK National Lottery in 2024. CRHC's board will evaluate future alternatives for business combinations.
Cohn Robbins Holdings Corp. (NYSE:CRHC) announced shareholder approval for its business combination with Allwyn Entertainment AG, with over 99.2% support at the extraordinary meeting on September 7, 2022. Approximately 66.7% of outstanding shares were voted. Additionally, CRHC shareholders approved an extension to finalize the business combination from September 11, 2022 to December 11, 2022, allowing more time for completion. Formal voting results will be filed with the SEC. Allwyn is a leading global lottery operator expected to strengthen CRHC's market position.
Cohn Robbins Holdings Corp. (CRHC) announced the withdrawal of Camelot UK Lotteries' appeal regarding a significant UK High Court ruling from June 2022. This development paves the way for Allwyn AG to transition into operating the UK National Lottery, enhancing its competitive position. Cohn Robbins supports Allwyn's bid and highlights the attractive characteristics of the global lottery market, which is valued at $300 billion. With the UK license expiring on January 31, 2024, Allwyn aims to leverage its operational success across Europe and pursue growth opportunities in the U.S. market.
The Board of Directors of Cohn Robbins Holdings Corp (CRHC) recommends shareholders vote "FOR" the Business Combination Proposal by September 7, 2022. PPF Group plans to purchase up to 26 million Allwyn shares at $10.00 per share, increasing their stake to approximately 4.99%. This financial support indicates confidence in Allwyn's potential growth in the $300 billion global lottery market. Shareholders must register and vote to participate in the extraordinary general meeting, either in person or virtually.
Allwyn Entertainment AG and Cohn Robbins Holdings Corp have announced the effectiveness of their Registration Statement related to a proposed business combination, slated for September 7, 2022. Shareholders recorded as of August 15, 2022 are eligible to vote. This merger aims to solidify Allwyn's position in the global $300 billion lottery market. Following the merger, shares will trade under the symbols ALWN and ALWN.WS on the NYSE. The Board advises shareholders to vote in favor of the proposals to facilitate the merger's completion.
Cohn Robbins Holding Corp. (NYSE: CRHC) announced that Allwyn Entertainment Ltd. has been named the Preferred Applicant for the UK's fourth National Lottery license by the UK Gambling Commission. Co-chairmen Gary D. Cohn and Clifton S. Robbins expressed their congratulations, highlighting this achievement as a significant milestone in Allwyn's efforts to lead the global lottery market. They noted that the outcome was not included in their initial financial forecasts regarding the merger. Allwyn, active in several European markets, is positioned for growth as the current license expires in 2024.
Allwyn Entertainment, a leading multinational lottery operator, is set to go public on the NYSE in partnership with Cohn Robbins Holdings Corp (CRHC), with a total enterprise value estimated at $9.3 billion. This listing aims to enhance access to capital markets and support Allwyn's growth strategy. The company anticipates $810 million in Adjusted EBITDA from $1.7 billion in net gaming revenue for 2022. Current Allwyn equity holders will retain approximately 83% ownership post-transaction. The deal has been unanimously approved by both companies' boards and is expected to close in Q2 2022.
Cohn Robbins Holdings Corp. (NYSE: CRHC) announced delays in filing its Quarterly Report on Form 10-Q for Q1 2021 due to challenges in accounting for warrants, as outlined in the SEC's recent staff statement.
The company received a notice from the NYSE indicating non-compliance with listing rules due to this delay. CRHC has until November 24, 2021, to file the report and regain compliance. If not filed by the deadline, the company may submit a compliance plan, although delisting proceedings could commence if deemed necessary.
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