SharpLink Will Transition from Foreign Private Issuer Status to Reporting as a U.S. Domestic Company Effective January 1, 2023
Minneapolis, Minnesota / Accesswire / January 5, 2023 / SharpLink Gaming Ltd. (NASDAQ:SBET) (“SharpLink” or the “Company”), a pioneer in target conversion solutions for the U.S. sports betting and iGaming industry, announced today the previously announced sale of its former Mer Telemanagement Solutions business. (“Legacy MTS”) has been transferred to Israel-based Entrypoint South Ltd. This is in connection with the acquisition of the Legacy MTS business, changing its name to Entrypoint Systems 2004 Ltd. (“Entrypoint”).
In view of MTS Technology acquiring all right, title, interest and interest in Legacy MTS, including 100% of the shares of MTS Integratrak Inc., one of our U.S. subsidiaries, SharpLink has 3 Pay double earnout payments. Earnings before interest, taxes, depreciation and amortization of Legacy MTS for the year ending December 31, 2023, up to $1 million in earn-out payments (to reflect net working capital as of the balance sheet date) adjustment).
SharpLink Chief Executive Officer Rob Phythian said: It will no longer be able to meet the requirements to qualify as a foreign private issuer under the Securities Act until the planned re-domesticization initiative to move from an Israeli corporation to a Delaware corporation is completed. As a result, effective January 1, 2023, companies must comply with reporting requirements under the rules and regulations of the Securities Exchange Act of 1934 that apply to U.S. companies and require quarterly reports on Form 10-Q, Form 10-Q, We look forward to providing our shareholders and the investment community at large with more timely updates on our financial performance in response to our annual report by K. and other required SEC filings. and an ongoing business development strategy. “
S. Friedman, Abramson & Co. served as Israeli legal counsel to SharpLink. The law firm of Seffi Shemesh acted as legal counsel to MTS Technology.
About entry points
Founded in 2004, Entrypoint is a professional services firm that delivers business transformation across multiple industries, project outsourcing and IT managed services. Entrypoint enables companies to build powerful and secure infrastructures to achieve better business goals.
About SharpLink Gaming Ltd.
Founded in 2019, SharpLink is a leading online technology company that connects sports fans, leagues and sports websites with relevant and timely sports betting and iGaming content. SharpLink uses proprietary intelligent online conversion technology to convert sports fans into sports bettors from licensed online sportsbook operators. In addition, SharpLink helps sports media companies, leagues, teams and sportsbooks develop strategies, products and innovative solutions to drive fan engagement and engagement with highly interactive free-to-play games and mobile applications. specializes in In addition, SharpLink owns and operates a variety of real money fantasy sports and sports simulation games and mobile apps on its platform. Licensed or licensed to operate in every U.S. state where fantasy sports and online sports betting are legal.SharpLink’s proprietary fantasy sports platform contributes approximately $40 million annually to its portfolio of digital gaming experiences and competitions. Reaching over 2 million spending fantasy sports fans. For more information, please visit the SharpLink website. www.sharplink.com.
This release contains forward-looking statements that involve various risks and uncertainties. Such statements include statements regarding the expected growth of the online gaming and iGaming industry, our ability to grow our business, the potential benefits of our products, services and technology, and statements that may accompany them. contains other statements that are not historical facts, including “intend”, “may”, “will”, “plan”, “expect”, “predict”, “predict”, “predict”, “estimate”, “intend” By the words “will”, “believe”, “expect”, “potential” or similar words. Actual results may differ materially from those set forth in these forward-looking statements due to certain factors. This includes, but is not limited to, the future results and operations of legacy MTS businesses under new owners outside of our control, and our ability to achieve profits. operations, government regulation of online gambling, customer acceptance of new products and services, the impact of the coronavirus (COVID-19) pandemic and future actions taken by authorities in the countries in which we operate; demand, customer economic conditions, the impact of competitive products and pricing, long sales cycles, ownership of the Company and its competitors, general economic conditions, and the Company’s annual reports and other statements on the U.S. Stock Exchange. Other risk factor fees detailed in the filing. We undertake no obligation to update any forward-looking statements in this release.
Sharplink Media and Investor Relations:
SharpLink Gaming Ltd.
Dodi Handy, Director of Communications
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