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Engine Gaming and Media, Inc. (NASDAQ:GAME) has completed its public offering of 7,673,000 subscription receipts at $1.25 each, raising gross proceeds of $9,591,250. The company aims to consolidate its shares on a 1-for-4 basis and has received approval to change its name to GameSquare Holdings, Inc.. The consolidation and name change will commence trading on April 11, 2023. Additionally, Engine is finalizing its arrangement with GameSquare Esports Inc. (OTCQB:GMSQF), where former GameSquare shareholders will receive new shares in a specific exchange ratio. After the conversion, the shareholder distribution will be 33.6% Engine, 51.2% GameSquare, and 15.2% subscription receipt holders. The company will maintain its NASDAQ listing under the symbol GAME and will ring the Nasdaq Opening Bell on the effective date.
Engine Gaming and Media (NASDAQ: GAME) announced an overnight marketed offering to issue up to $9 million in subscription receipts at $1.25 each. The offering, managed by Roth Canada, Inc., includes a 15% over-allotment option. This initiative is linked to the upcoming acquisition of GameSquare Esports Inc. (OTCQB: GMSQF), approved by both companies' shareholders and the Ontario Superior Court. Upon transaction close, subscription receipts will convert into common shares of Engine. The company plans to rebrand as GameSquare Inc. and will undergo a share consolidation to meet Nasdaq requirements.
Engine Gaming and Media, Inc. (NASDAQ:GAME) announced an overnight marketed offering of subscription receipts at $1.25 per receipt, with proceeds held in escrow until the pending acquisition of GameSquare Esports Inc. (CSE:GSQ) is finalized. The transaction, approved by both companies' shareholders and the Ontario Superior Court, will conclude within two weeks, pending customary conditions. Following this, the company will change its name to GameSquare Inc. and consolidate shares to meet Nasdaq requirements. Additionally, insiders are set to participate meaningfully in the offering, classified as a related party transaction under MI 61-101.
GameSquare Esports Inc. and Engine Gaming and Media, Inc. have received approval from the Ontario Superior Court to proceed with their plan of arrangement. Engine Gaming will acquire all of GameSquare's outstanding shares at an exchange ratio of 0.08262 shares of Engine Gaming for each GameSquare share. Following the arrangement, GameSquare shareholders are expected to own about 60% of the combined company, which will trade under the ticker symbol GAME on NASDAQ and TSX Venture Exchange. This merger aims to strengthen their position in the gaming and esports sectors.
Complexity Gaming, a subsidiary of GameSquare (OTCQB:GMSQF), has announced a multi-year partnership with Playmaker, a social media platform targeting Gen Z. This collaboration aims to enhance awareness and visibility in esports through content development and athlete engagement. Playmaker will leverage Complexity's resources, including access to its content studio and roster of influencers. The partnership capitalizes on Playmaker's following of over 18 million, promising significant media visibility for Complexity. Both companies aim to bridge the gap between traditional sports and esports, tapping into engaged audiences across various sectors.
GameSquare Esports Inc. has announced that its shareholders have approved the acquisition by Engine Gaming and Media, Inc.. Shareholders will receive 0.08262 of an Engine common share for each GameSquare common share. CEO Justin Kenna expressed optimism about the merger, highlighting the potential to create a leading platform in gaming and esports that enhances sales growth and accelerates profitability. The transaction is set to close within weeks, pending regulatory approvals. Additionally, Engine's shareholders have also supported this arrangement.
GameSquare (CSE:GSQ)(OTCQB:GMSQF) has announced a new exclusive sponsorship deal between Complexity Gaming and H-E-B, a major Texas-based retailer. This partnership will leverage GameSquare’s extensive content creator network, with a combined following of over 175 million, to promote shared values of innovation and community engagement. H-E-B, with $38 billion in annual sales and more than 145,000 employees, is the largest privately held employer in Texas. This collaboration enhances GameSquare's market position as an advocate for brands connecting with the gaming community following its acquisition of Complexity in 2021, which has seen substantial growth in audience reach.
GameSquare Esports Inc. (CSE:GSQ)(OTCQB:GMSQF) will hold a special shareholder meeting on March 8, 2023, to discuss a proposed arrangement with Engine Gaming and Media, Inc.. Shareholders are being asked to approve Engine's acquisition of all issued common shares of GameSquare in exchange for 0.08262 of an Engine common share. The meeting will be conducted virtually at 10:00 a.m. (Toronto time), with eligible voters being those on record as of January 23, 2023. Approval must meet specific voting thresholds, including a two-thirds majority from shareholders.
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