IGAC Ends $350M Deal That Would Have Taken PlayUp Public
A $350 one thousand thousand sell that would get made PlayUp a in public traded companion has fallen through. That’s according to a document a special purchase acquisition accompany (SPAC) filed with the US Securities and Exchange Commission on Friday.
IG Acquisition Corp. (IGAC) said in an 8-K filing that it notified the Australian-based gaming troupe it testament terminate the business organization combination concord (BCA) the II sides had reached inwards September. The deal, had it been consummated, would experience place PlayUp caudex on the Nasdaq exchange.
The first-class honours degree signal of problem came a month ago. IGAC reported on Dec. 8 that the parties amended the accord after IGAC said PlayUp had failed to provide audited financial statements and other documents on a timely basis. That amendment opened the door for IGAC to encounter another troupe with which to merge.
However, IGAC on the face of it was unable to bump another business organisation partner.
The gameboard of directors of IGAC has determined that IGAC testament non follow able-bodied to concluded the transactions contemplated by the BCA or any other initial business sector combining within the clip full point required past its Amended and Restated Certificate of Incorporation, as amended,” IGAC said in its 8-K.
Because of that, IGAC testament shut land past Wednesday, the filing stated.
PlayUp did non respond to a Casino.org email with a commentary on the matter.
IGAC Liked PlayUp’s ‘Vision for the Future’
Back inwards September, IGAC officials said they had looked for 2 years to describe a sports betting fellowship that would be most likely to hold long-term success.
In a statement at the time, stake capitalistic Omar Bradley Tusk, IGAC’s chairman, said, “PlayUp is the closest to achieving our shared vision for the future tense of online betting.” That included offering a change of online gaming products on a bingle app and with a single wallet that could follow accessed inward any securities industry where it’s licensed globally.
Tusk would get served as PlayUp’s get on chairman if the deal closed. IGAC CEO Christian Goode, a former Genting Americas executive, would experience turn PlayUp’s US division president.
PlayUp’s Woes Continue
The breakup with IGAC represents the in style(p) blow for a fellowship that’s been trying to produce in the United States.
In 2021, PlayUp tried to negotiate a cut-rate sale of its business organisation to cryptocurrency interchange manipulator FTX for $450 million. That deal falling through led to the society filing a lawsuit against Dr. Laila Mintas, who was PlayUp’s US CEO during those talks. PlayUp accused Mintas of sabotaging the deal, and Mintas filed a countersuit.
Those lawsuits continue in a Sagebrush State federal court.
While PlayUp couldn’t shut the FTX deal, it did let the crypto companion to put $35 million lowest January. FTX, of course, has since made headlines for its exchange’s multi-billion-dollar collapse. That led to its filing for bankruptcy and its CEO, Sam Bankman-Fried, cladding federal charges.
PlayUp is licensed to operate inward CO and New Jersey. It offers sports betting inward both states and iGaming in New Jersey. However, it faces a denial of its application for a sports betting permission inward Ohio after regulators inward that commonwealth lastly month said they found PlayUp had offered an illegal gaming product inward the state.
PlayUp has requested a audience on the matter. The Buckeye State Casino Control Commission testament prescript on the coating after the sense of hearing adjudicate issues their report.
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