SharpLink Gaming Ltd.: M&A transaction — SharpLink sells fantasy/sports game units for $22.5M cash; repays $19.4M debt; COO resigns

SharpLink Gaming Ltd.

Sold SportsHub/fantasy sports and F2P game dev units to RSports Interactive for $22.5M all-cash.
Used ~$14.9M to repay Platinum Bank term loans/lines and ~$4.5M to redeem Alpha Capital debenture.
Headcount reduced from 51 to 5; company becomes pure-play performance marketing business.
COO and board member Chris Nicholas resigned effective Jan 19, 2024; role not replaced.
Expects improved equity to regain Nasdaq minimum listing compliance.

item 1.01 item 2.01 item 1.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Chris Nicholas

member of the Board of Directors

SharpLink Gaming Ltd.

Effective: 2024-01-19
Filed: January 24, 2024, 6:59 PM ET

On January 19, 2024 in connection with the Equity Sale, Chris Nicholas, the Company’s Chief Operating Officer and member of the Board of Directors, tendered his resignation as an officer and director of SharpLink.

Departed

Chris Nicholas

Chief Operating Officer

SharpLink Gaming Ltd.

Effective: 2024-01-19
Filed: January 24, 2024, 6:59 PM ET

On January 19, 2024 in connection with the Equity Sale, Chris Nicholas, the Company’s Chief Operating Officer and member of the Board of Directors, tendered his resignation as an officer and director of SharpLink.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Chris Nicholas resigned as member of the Board of Directors at SharpLink Gaming Ltd..

Action: resigned
Role: member of the Board of Directors

Exact text from the filing

On January 19, 2024 in connection with the Equity Sale, Chris Nicholas, the Company’s Chief Operating Officer and member of the Board of Directors, tendered his resignation as an officer and director of SharpLink.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Chris Nicholas resigned as Chief Operating Officer at SharpLink Gaming Ltd..

Action: resigned
Role: Chief Operating Officer

Exact text from the filing

On January 19, 2024 in connection with the Equity Sale, Chris Nicholas, the Company’s Chief Operating Officer and member of the Board of Directors, tendered his resignation as an officer and director of SharpLink.

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SharpLink Gaming Ltd. completed a disposition involving RSports Interactive, Inc. for $22,500,000 in an all cash transaction (closed 2024-01-18).

Action: disposition
Counterparty: RSports Interactive, Inc.
Consideration: $22,500,000 in an all cash transaction
Closing: 2024-01-18

Exact text from the filing

The PA contemplates the sale of the Company’s Fantasy Sports and Sports Game Development business units to the Buyer, by selling all of the issued and outstanding shares of common stock or membership interests of the Targets and the Acquired Subsidiaries (as defined below) for $22,500,000 in an all cash transaction (the “Equity Sale”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001493152-24-003505

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