GameSquare sells Complexity Gaming to founder-led group for $10.36M

GameSquare Holdings, Inc.

Total consideration $10.36M; $0.75M cash at closing, $9.61M seller note due in 36 months at 3% interest.
Sale includes Complexity assets and IP; part of asset optimization ahead of pending FaZe Holdings acquisition.
GameSquare earns 50% of any equity raised by Global Esports above $500k, credited against note principal.
Transaction subject to TSXV approval; CEO notes Complexity sales grew 175% from 2021 to 2022 under GameSquare.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GameSquare Holdings, Inc. entered into Membership Interest Purchase Agreement with Global Esports Properties, LLC valued at $10,360,000 (effective 2024-03-01).

Action: entry
Agreement: asset purchase
Counterparty: Global Esports Properties, LLC
Value: $10,360,000
Effective: 2024-03-01

Exact text from the filing

On March 1, 2024, Global Esports Properties, LLC, a Delaware limited liability company (“Buyer”), GameSquare Esports (USA), Inc., a Nevada corporation (“Seller”) and sole member of NextGen Tech, LLC, a Texas limited liability company doing business as Complexity Gaming, and GameSquare Holdings, Inc., a corporation formed under the laws of the province of Ontario (“Beneficial Owner”) (together, the “Parties”) entered into a Membership Interest Purchase Agreement (the “MIPA”)

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Source: SEC EDGAR

accession 0001493152-24-008697

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