Welcome to our dedicated page for Fansunite Ent news (Ticker: FUNFF), a resource for investors and traders seeking the latest updates and insights on Fansunite Ent stock.
FansUnite Entertainment Inc. is a global sports entertainment and gaming company focused on the regulated and lawful sports betting affiliate market. The company, through its subsidiary, American Affiliate Co LLC, is a leader in customer acquisition, retention, support, and reactivation for sportsbooks, casinos, poker, and fantasy sports platforms. FansUnite has achieved strong financial performance, including increased revenues, gross margins, and adjusted EBITDA, showcasing the success of its strategic initiatives and restructuring efforts. The company has divested non-core assets, completed strategic investments, and expanded its affiliate operations to drive growth and profitability.
Tekkorp Holdings has increased its stake in FansUnite Entertainment through a significant share purchase. The transaction involves the acquisition of 29,270,550 shares at $0.0014 per share, completed on January 16, as part of a larger 63,910,838 share purchase agreement dated September 16, 2024.
Prior to this purchase, Tekkorp held 46,708,288 common shares and 12,500,000 warrants, representing a potential 15.91% ownership if all warrants were exercised. Following the transaction, Tekkorp now controls 75,978,838 common shares and 12,500,000 warrants, which would represent 23.78% of outstanding shares if all warrants are exercised.
The acquisition was made under the 'private agreement exemption' from formal take-over bid requirements, meeting specific conditions including purchases from fewer than 5 persons and consideration value within 115% of share value.
FansUnite Entertainment announced a significant share acquisition by Tekkorp Holdings . Through a share purchase agreement dated September 16, 2024, Tekkorp acquired 63,910,838 common shares at $0.0014 per share. On December 27, 2024, 30,890,288 shares were effectively transferred to Tekkorp.
Prior to this transaction, Tekkorp held 15,818,000 common shares and 12,500,000 warrants, representing 7.61% ownership if all warrants were exercised. Post-acquisition, Tekkorp now controls 46,708,288 common shares and 12,500,000 warrants, potentially representing 15.91% ownership if all warrants are exercised.
FansUnite Entertainment Inc. (OTC Pink: FUNFF) has completed its return of capital distribution of C$0.0725 per share. The payment was processed on August 29, 2024, with eligible shareholders being those of record as of the close of business on August 26, 2024 (the Record Date). Shareholders do not need to take any action to receive the distribution, as payment will be automatically delivered to those eligible. This move represents a significant financial event for the company and its shareholders, potentially impacting the company's capital structure and shareholder value.
FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) has announced the delisting of its common shares from the Toronto Stock Exchange (TSX), effective at the close of market on August 21, 2024. The company will also apply to withdraw its common shares from the OTCQB shortly after the TSX delisting. FansUnite has set August 26, 2024 as the record date for shareholders to be eligible for the previously announced return of capital (Distribution). To participate in the Distribution, shareholders must complete trades on the TSX by the close of market on August 21, 2024.
FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) has completed the sale of its Betting Hero business to Hero Group Corp. for US$37.5 million. The company plans to delist from the TSX on August 21, 2024, and will distribute C$26 million to shareholders as a return of capital. Shareholders will receive C$0.0725 per share, with a record date of August 26, 2024, and a payment date of August 29, 2024. FansUnite will retain approximately C$500,000 in net cash to explore new business opportunities. The transaction marks a significant milestone for FansUnite, with CEO Scott Burton expressing gratitude to shareholders and the team for their support throughout the process.
FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) shareholders have approved the sale of FansUnite US Inc. to Hero Group Corp. for US$37.5 million, adjusted on a cash-free, debt-free basis. The transaction is expected to close on August 15, 2024. Following this, the company plans to voluntarily delist from the Toronto Stock Exchange on August 21, 2024. FansUnite will distribute 90% of the net proceeds to shareholders, estimated at C$0.065 to C$0.075 per share. The distribution record date is set for August 26, 2024, with payment expected on August 29, 2024. Only shareholders of record on the delisting date will be eligible for the distribution.
FansUnite Entertainment announced the filing of a management information circular for an upcoming special meeting on August 13, 2024. Shareholders will vote on the proposed sale of its subsidiary, FansUnite US Inc., to Hero Group Corp. and GeoComply Solutions Inc. for US$37.5 million. The company anticipates net proceeds of approximately US$20 million, with 90% to be distributed to shareholders as a return of capital. Additional resolutions include a capital reduction and voluntary delisting from the TSX. The board unanimously supports these resolutions, and a majority shareholder vote is required for approval.
FansUnite Entertainment announced the results of its annual general meeting held on June 28, 2024. A total of 87,277,448 shares, representing 24.27% of the company's outstanding shares, were represented at the meeting.
The number of directors was set at four, with 82.172% voting in favor. Scott Burton, James Keane, Chris Grove, and Quinton Singleton were re-elected as directors, with Singleton receiving the highest support at 96.098%. KPMG LLP was re-appointed as the auditor with 98.244% approval.
Detailed voting results were filed under the company's SEDAR+ profile on July 2, 2024.
FansUnite announced a definitive agreement to sell its Betting Hero business to GeoComply and Betting Hero's co-founders for $37.5 million. The expected net proceeds are $20 million, pending a closing date of August 15, 2024. FansUnite will distribute 90% of these proceeds to shareholders, estimated at C$0.065 to C$0.075 per share, providing immediate liquidity. The board unanimously supports the sale, highlighting the attractive valuation and the elimination of substantial debt. The transaction requires approval from shareholders at a special meeting in August 2024.
FansUnite Entertainment reported its financial results for Q1 2024, showing a 14% increase in revenue to $8.3 million compared to Q1 2023. Gross margins slightly declined from 65% to 63%. However, adjusted EBITDA rose by 58% year-over-year to $1.7 million.
The company expanded its U.S. presence, particularly in North Carolina's regulated wagering market, which enhanced brand recognition. Additionally, FansUnite diversified revenue streams by increasing earnings from non-live activation lines of business. The Betting Hero segment also grew through new contracts with multiple U.S. sportsbooks.
FansUnite's CEO, Scott Burton, highlighted the company’s progress towards sustainable growth and profitability, stating that the firm has eliminated the need for external capital funding and plans to focus on reducing liabilities while boosting revenue and earnings.
FAQ
What is the current stock price of Fansunite Ent (FUNFF)?
What is the market cap of Fansunite Ent (FUNFF)?
What is the core business of FansUnite Entertainment Inc.?
How has FansUnite's financial performance been?
What strategic actions has FansUnite taken to drive growth?
What sets FansUnite apart in the sports entertainment industry?
How does FansUnite plan to navigate the challenges in the industry?
