Digital sports media company Playmaker has made the strategic decision to withdraw its shares from the OTCQX Marketplace. The voluntary move, effective from January 2, 2024, follows the company’s recent acquisition by Better Collective, a transaction valued at €176 million ($194 million), with the expected completion in Q1 2024.
Voluntary Withdrawal and Acquisition Background:
Playmaker’s decision to voluntarily withdraw from the OTCQX is a direct result of its acquisition by Better Collective, a move announced on November 6. The transaction, valued at €176 million, reflects Playmaker’s commitment to a transformative deal that positions the company for substantial growth.
Financial Implications and Closure Timeline:
The withdrawal from OTCQX is driven by the associated fees and considerations related to remaining on the marketplace until the acquisition officially closes. The anticipated closure of the transaction is slated for Q1 2024, underlining Playmaker’s strategic alignment with Better Collective’s vision to become a leading digital sports media group.
CEO’s Perspective on the Acquisition:
Jordan Gnat, Director and CEO of Playmaker, expressed confidence in the acquisition’s transformative nature, emphasizing its potential to elevate the company to the next level. Gnat highlighted the undeniable success of Better Collective, emphasizing cultural similarities between the two companies and anticipating the integration to be highly accretive to shareholders.
OTCQX Marketplace and Playmaker’s Shares:
OTCQX, owned and operated by the OTC Markets Group, serves as the American marketplace where Playmaker’s shares were previously listed. While Playmaker expects its common shares to remain on the Pink Tier of the OTC Markets Group, no guarantees have been provided. The remaining common shares will continue trading on the TSX Venture Exchange under the ticker ‘PMKR.’
Future Growth and Audience Reach:
Jesper Søgaard, Better Collective Co-Founder and CEO, emphasized the growth potential of the acquisition. Upon closing, the deal is expected to significantly expand Better Collective’s audience and reach a broader segment of generalist sports fans. Søgaard acknowledged Playmaker’s strong sports media brands and their ability to engage and excite sports fans across the Americas.
As Playmaker withdraws from the OTCQX Marketplace, the move is a strategic response to the company’s acquisition by Better Collective. The €176 million transaction is not only a financial milestone for Playmaker but also signifies a pivotal moment in its journey towards becoming a key player in the digital sports media landscape. With a focus on integration and synergies, the collaboration with Better Collective aims to deliver substantial value to shareholders and expand the audience reach across the Americas. The withdrawal from OTCQX serves as a practical step in streamlining operations in anticipation of a new era for Playmaker under the banner of Better Collective.