Engine Gaming Receives Shareholder Approval for Arrangement with GameSquare Esports Inc.
Engine Gaming and Media (NASDAQ:GAME) announced that its shareholders approved the acquisition of GameSquare Esports Inc.. The arrangement allows Engine Gaming to acquire all common shares of GameSquare at an exchange ratio of 0.08262 Engine shares for each GameSquare share. CEO Lou Schwartz expressed confidence in the transaction's potential to create a leading gaming and media company targeting youth audiences. The acquisition is expected to close by the end of March, pending regulatory approvals.
- Shareholder approval for the acquisition of GameSquare enhances Engine Gaming's market position.
- Acquisition aims to create one of the most influential gaming and esports companies.
- Regulatory and exchange approvals are still pending, introducing uncertainty.
- The exchange ratio may dilute existing shareholders' equity.
TORONTO, ON / ACCESSWIRE / March 8, 2023 / Engine Gaming and Media, Inc. (NASDAQ:GAME; TSXV:GAME) ("Engine Gaming", or the "Company"), announced today that the shareholders of Engine Gaming have voted to approve the arrangement with GameSquare Esports Inc. ("GameSquare"), pursuant to which Engine Gaming has agreed to acquire all of the issued and outstanding common shares of GameSquare (the "GameSquare Shares") at an exchange ratio of 0.08262 of an Engine common share for each GameSquare Share.
Lou Schwartz, CEO of Engine Gaming commented, "The outcome of our shareholder meeting further validates our thesis behind the transaction as our union positions the combined company to become one of the most influential gaming, esports and media companies reaching youth audience, benefiting from a leading platform of end-to-end media content, and technology assets. With the necessary shareholder approval received, we expect the transaction to close, following the necessary regulatory and exchange approvals, by the end of March."
About Engine Gaming and Media, Inc.
Engine Gaming and Media, Inc. (NASDAQ:GAME) (TSXV:GAME) provides unparalleled live streaming data and social analytics, influencer relationship management and monetization, and programmatic advertising to support the world's largest video gaming companies, brand marketers, ecommerce companies, media publishers and agencies to drive new streams of revenue. The company's subsidiaries include Stream Hatchet, the global leader in gaming video distribution analytics; Sideqik, a social influencer marketing discovery, analytics, and activation platform; and Frankly Media, a digital publishing platform used to create, distribute, and monetize content across all digital channels. Engine Gaming generates revenue through a combination of software-as-a-service subscription fees, managed services, and programmatic advertising. For more information, please visit www.enginegaming.com.
Contact:
Engine Company Contact:
Lou Schwartz
647-725-7765
For further information, please contact Investor Relations for Engine Gaming & Media, Inc.:
Shannon Devine
MZ North America
Main: 203-741-8811
GAME@mzgroup.us
Notice Regarding Forward Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian and United States securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the closing of the acquisition, regulatory approval of the acquisition, stock exchange approval of the acquisition and the viability and influence of the combined company. These forward-looking statements are provided only to provide information currently available to Engine Gaming and are not intended to serve as and must not be relied on by any investor as, a guarantee, assurance or definitive statement of fact or probability. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this news release. Engine Gaming assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable law.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Engine Gaming & Media Holdings, Inc.
View source version on accesswire.com:
https://www.accesswire.com/742811/Engine-Gaming-Receives-Shareholder-Approval-for-Arrangement-with-GameSquare-Esports-Inc
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