Genius Sports Limited - GENI STOCK NEWS

Genius Sports Limited (NYSE:GENI) announced a reduction in the exercise price of its outstanding warrants from $11.50 to $3.1816 as part of a consent solicitation. This was communicated to warrant holders on December 20, 2022. Additionally, if warrant holders do not exercise their warrants by the expiration date, they will automatically exercise at an Automatic Exercise Price of $3.2933, yielding 0.234 ordinary shares per warrant. The warrants are set to expire on April 20, 2026. The company is working with BofA Securities for solicitation and has filed necessary documents with the U.S. SEC.

Genius Sports (NYSE:GENI) and SoftConstruct have reached a settlement regarding their legal dispute. SoftConstruct will purchase a multi-year license to access Genius’s data through its BetConstruct and FeedConstruct channels, affirming Genius's ownership of database rights. Jack Davison, Chief Commercial Officer at Genius Sports, expressed satisfaction with the settlement, highlighting the value of their technology and databases. SoftConstruct’s CEO, Armand Pinarbasi, noted the deal will enhance their customer service.

Genius Sports Limited (NYSE: GENI) has filed an amended Registration Statement on Form F-4 regarding its Consent Solicitation to amend the terms related to warrant exercises. The expiration date for the solicitation has been extended to January 19, 2023. If approved, holders can exercise warrants on a cashless basis for 0.26 shares or at a reduced price, ensuring no warrants remain outstanding post-January 20, 2023. With 7,668,280 warrants currently outstanding, the amendment aims to simplify capital structure and enhance financial flexibility for the Company and its investors.

Genius Sports has received a Sports Gaming Supplier License from the Ohio Casino Control Commission, allowing the company to support sportsbooks statewide. This approval expands Genius Sports' licensing to 39 across North America, enhancing its ability to provide clients with its NFL products and marketing services. CEO Mark Locke expressed enthusiasm for working with Ohio as sports betting becomes legal starting January 1, 2023. The company's technology and services empower sports organizations globally, strengthening its position in the fast-growing sports betting market.

Genius Sports Limited (NYSE: GENI) has extended its Consent Solicitation for outstanding warrants to January 19, 2023. This extension allows warrant holders to exercise their warrants at a reduced price of 74% of the reference price, or receive 0.260 Ordinary Shares for each warrant exercised. Unexercised warrants will automatically convert at 76.6% of the reference price. The solicitation aims to simplify the capital structure and mitigate potential dilution. BofA Securities is the solicitation agent.

Genius Sports and the NFL have expanded their partnership to provide U.S. sportsbooks with live video streams of select NFL games. Caesars Sportsbook is the first to offer this unique 'Watch & Bet' feature on mobile devices, enhancing the in-game betting experience for its users. This partnership allows for data-driven betting opportunities alongside live streaming, utilizing Genius Sports' technology for engaging fan experiences. The initiative aims to boost market share in North America, leveraging the NFL's popularity and official data integration.

Genius Sports has secured licensing agreements with Bet365, Bet99, and Rivalry to distribute low latency video feeds of NFL games in Canada. This partnership enables sportsbooks to offer live streaming of all regular and post-season matches through Genius Sports’ Watch & Bet platform. As the exclusive distributor of NFL data and video, Genius Sports will enhance betting experiences using machine learning and live streaming technologies. The company aims to support its partners in the newly regulated Canadian sports betting market.

Genius Sports Limited (NYSE: GENI) has initiated a Consent Solicitation for holders of its outstanding warrants as of November 16, 2022. The company seeks consent to amend the Exercise Period in its Warrant Agreement, reducing the expiration date from April 20, 2026, to January 18, 2023. If approved, warrant holders can exercise on a cashless basis for common shares. The exercise price is reduced to 74% of the previous closing price, contingent on obtaining the necessary consents. The Solicitation ends on December 16, 2022.

Genius Sports reported impressive financial results for the third quarter of 2022, showing a Group Revenue of $78.7 million, a 14% year-over-year increase, and Adjusted EBITDA of $7.7 million, a marked improvement from a loss of $0.4 million last year. The company achieved nearly triple revenue growth in the U.S. and struck 27 new partnerships with sportsbooks. Despite a net loss of $9.0 million, this reflects an 87% improvement from the previous year. The company maintains its 2022 revenue guidance of approximately $340 million and looks to achieve $430 to $440 million in 2023.