Animoca Brands shares surge following Football-Stars acquisition and capital raising
Friday, 5 April 2019 Animoca Brands Corporation Ltd’s (ASX:AB1) shares are trading about 7% higher intra-day following its move to acquire the creator of popular fantasy sports game Football-Stars. READ: Animoca Brands to acquire Football-Stars creator, bags $4.6 million at a premium The company has entered into a binding term sheet to acquire 100% of Stryking Entertainment for an upfront consideration of €1 million (about $1.58 million) payable in shares. Animoca has also completed a heavily oversubscribed strategic capital raise of $4.6 million at a 4.2% premium from international blockchain investors, Australian institutional investors and existing shareholders. The capital raise will allow Animoca to take advantage of multiple business opportunities and to fast track development and promotion of upcoming games and NFT (non-fungible token) launches. Strategic rationale The acquisition of Stryking is highly complementary to Animoca and its projects. Stryking has a highly experienced management team of serial entrepreneurs in the fields of games and finance. Football-Stars is a game that aligns strongly with Animoca’s own blockchain and NFT strategy, with an upcoming game update that will offer NFTs based on real football players and clubs. Importantly, the acquisition adds to Animoca’s licencing arrangements with major international sports brands, which also include Formula 1® and Major League Baseball.
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