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MINNEAPOLIS, Feb. 07, 2022 (GLOBE NEWSWIRE) — SharpLink Gaming Ltd. (NASDAQ:SBET) (“SharpLink” or the “Company”), a pioneer of smart, data-driven sports betting conversion solutions for the emerging US sports betting and iGaming industries, today announced that it has filed a registration statement with the US Securities and Exchange Commission (“SEC”) pursuant to which it intends to change its jurisdiction of incorporation from Israel to Delaware.
Rob Phythian, SharpLink’s CEO, stated, “After careful consideration, our Board of Directors and management team believes that domesticating into the US as a Delaware corporation is in the Company’s best interests since almost all of our business and operations are now located in and conducted from the US and a substantial majority of our outstanding ordinary shares are held by US residents. We also believe that the Company and our shareholders will benefit from Delaware’s well-established principles of corporate law and governance. We do not expect this change will have any impact on our day-to-day operations.”
In order to effect the domestication, the Company entered into an agreement and plan of merger with its newly-formed Delaware subsidiary, SharpLink Gaming, Inc. (“SharpLink Delaware”) and a newly-formed, wholly-owned subsidiary of SharpLink Delaware formed under Israeli law. Pursuant to the merger agreement, the newly-formed Israeli subsidiary will merge with and into the Company, with the Company surviving such merger and becoming a wholly-owned subsidiary of SharpLink Delaware. In the merger, each outstanding ordinary and preferred share of the Company will automatically be exchanged for one share of SharpLink Delaware common stock or preferred stock, as applicable, and all outstanding options and warrants to purchase ordinary shares of the Company will convert to the right to purchase the same number of shares of common stock of SharpLink Delaware. The Company expects that the common stock of SharpLink Delaware will continue trading on the Nasdaq Capital Market under the same SBET t Rading symbol when the domestication merger becomes effective.
After the SEC has declared the registration statement relating to the domestication effective, the Company will hold a special meeting of its shareholders at which it will seek approval for the US domestication. Details of such shareholder meeting will be announced at a later date. Subject to shareholder approval, the Company currently expects the domestication to become effective in the second quarter of 2022.
About SharpLink Gaming Ltd.
Founded in 2019 and based in Minneapolis, Minnesota, SharpLink is a leading online technology company that connects sports fans, leagues and sports websites to relevant and timely sports betting and iGaming content. SharpLink uses proprietary, intelligent, online conversion technology to convert sports fans into sports bettors for licensed, online sportsbook operators. SharpLink’s intelligent C4 Sports Betting Conversion solution delivers and determines …
Full story available on Benzinga.com
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