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PlayUp is a subsequent technology leisure and expertise group that develops its personal revolutionary betting applied sciences to energy its manufacturers and ship world-class person experiences
Bradley Tusk to function Chairman of PlayUp’s post-closing Board, bringing a long time of expertise in tech, politics, and on-line betting
Transaction is predicted to shut in Q1 2023 and the mixed firm will likely be listed on NASDAQ
SYDNEY and NEW YORK – Information Direct – 22 September 2022 – PlayUp Restricted, a worldwide on-line betting operator (“PlayUp”), and IG Acquisition Corp. (NASDAQ: IGAC), a publicly-traded particular objective acquisition firm, at present introduced that they’ve entered right into a enterprise mixture settlement and accompanying scheme implementation deed pursuant to which PlayUp will listing on the NASDAQ through a newly-formed Irish firm (“Mother or father”). The transaction values PlayUp at $350 million. The transaction is predicted to shut within the first quarter of 2023 topic to the satisfaction of customary closing circumstances.
Based in 2014, PlayUp is a worldwide sports activities, leisure and betting operator that develops its personal proprietary expertise to energy its model and providing. The general betting sector has grown at an unprecedented price in the previous few years attributable to up to date laws and shoppers broadening their adoption of betting on-line.
IGAC believes PlayUp is uniquely positioned to construct the primary totally built-in expertise platform the place shoppers can interact in broad types of betting — day by day fantasy, sports activities betting, slots, desk video games, on line casino video games, Esports, lottery, sweepstakes and extra — from one platform, one account, one digital pockets, anyplace on this planet the place it’s authorized. PlayUp’s gross income has grown 56% YoY (FY21/22).[1]
After nearly two years of an enormous variety of trade gamers, the IGAC workforce concluded that PlayUp was the corporate most definitely to succeed over the long run. Provided that the toughest a part of establishing a worldwide betting product is regulation and licensing, IGAC believes that its principals’ experience in shaping regulation, mixed with PlayUp’s proprietary and superior platform, creates a compelling partnership.
“At the moment, there isn’t any platform that enables shoppers to entry each sort of betting product by way of one single signal on. Usually, trade opponents have chosen to deal with one product or one other. IGAC and PlayUp have the identical shared imaginative and prescient: to convey the worldwide on-line betting trade essentially the most complete suite of conventional and revolutionary betting merchandise from all around the globe collectively into one app. The transaction is predicted to supply PlayUp with entry to recent capital to proceed increasing its imaginative and prescient of a real single vacation spot for the way forward for on-line betting,” mentioned Christian Goode, Chief Govt Officer of IGAC.
“PlayUp believes this transaction will allow us to proceed investing in our proprietary expertise and ship on our aspirations to be the unmatched leisure and betting platform of the long run. We envision a world the place our gamers can improve their expertise betting on the merchandise they already love plus work together with the following technology of immersive betting merchandise that embrace newer applied sciences similar to AR and VR,” mentioned Daniel Simic, CEO of PlayUp Restricted.
As a part of the transaction, Daniel Simic will retain the title of International CEO of the mixed firm. Trade veterans Bradley Tusk, Chairman of IGAC, and Christian Goode, Chief Govt Officer of IGAC, will be part of the brand new mixed firm. Tusk will turn into Chairman of the mixed firm’s Board and Goode will function President of PlayUp’s U.S. enterprise. The IGAC workforce brings a long time of experience to launch in new U.S. markets and supply shoppers with a platform that gives digital experiences in all types of on-line betting.
“We’re enthusiastic about this transaction as a result of we imagine PlayUp is the closest to reaching our shared imaginative and prescient for the way forward for on-line betting – a platform that gives shoppers any sort of digital betting they need, from one app and one digital pockets, anyplace on this planet the place it’s authorized,” mentioned Bradley Tusk, Chairman of IGAC.
PlayUp holds on-line betting licenses in a number of jurisdictions and presently operates in Australia, New Zealand, India and several other regulated states within the U.S. PlayUp intends to proceed to aggressively pursue its enlargement technique within the U.S. and across the globe.
Transaction Overview
The transaction values PlayUp at $350 million at closing.
The transaction was unanimously accredited by the IGAC board of administrators and unanimously accredited by the board of administrators of PlayUp. The transaction is predicted to shut within the first quarter of 2023, topic to the satisfaction of customary closing circumstances, together with the approval of the shareholders of PlayUp Restricted and the stockholders of IGAC, regulatory approvals (together with in Australia, New Jersey and Colorado), Australian court docket approval and an unbiased professional confirming that the transaction is in one of the best curiosity of PlayUp’s shareholders.
Concurrent with the signing of the enterprise mixture settlement, Mother or father has entered right into a $70 million standby fairness buy settlement with YA II PN, Ltd., a fund managed by Yorkville Advisors International, LP, to supply further liquidity to the mixed firm following the closing of the transaction, topic to customary circumstances for services of this sort.
Advisors
● Paul, Weiss, Rifkind, Wharton & Garrison LLP is performing as authorized counsel to IG Acquisition Corp. Richards, Layton & Finger, PA is performing as particular Delaware counsel to IG Acquisition Corp.
● DLA Piper is performing as authorized counsel and Innovation Capital, LLC is performing as monetary advisor to PlayUp.
Hashtag: #PlayUp
The issuer is solely chargeable for the content material of this announcement.
About PlayUp Restricted
PlayUp is a subsequent technology leisure and expertise group that enriches the lives of individuals by way of entertaining, rewarding, and accountable on-line betting. We develop revolutionary betting applied sciences in-house to energy our manufacturers and ship world-class person experiences. Our energies are centered on fulfilling the wants of devoted and passionate customers who search a deeper connection to the video games they play.
About IGAC
IG Acquisition Corp. (Nasdaq: IGAC) is a particular objective acquisition firm shaped and led by Chairman Bradley Tusk, Chief Govt Officer Christian Goode and Chief Monetary Officer Edward Farrell. IG Acquisition Corp. accomplished its preliminary public providing in October 2020, elevating roughly $300 million in money proceeds for the aim of effecting a merger, capital inventory change, asset acquisition, inventory buy, reorganization or comparable enterprise mixture with a number of companies.
Ahead-Trying Statements
This press launch accommodates forward-looking statements which are primarily based on beliefs and assumptions, and on data presently accessible. In some instances, you possibly can establish forward-looking statements by the next phrases: “positioned, ” “construct,” “doubtless,” “might,” “will,” “may,” “would,” “ought to,” “count on,” “intend,” “plan,” “anticipate,” “imagine,” “estimate,” “predict,” “mission,” “potential,” “proceed,” “ongoing,” or the detrimental of those phrases or different comparable terminology, though not all forward-looking statements comprise these phrases. These statements contain dangers, uncertainties, and different elements that will trigger precise outcomes, ranges of exercise, efficiency, or achievements to be materially totally different from the knowledge expressed or implied by these forward-looking statements. We warning you that these statements are primarily based on a mixture of information and elements presently identified by us and our projections of the long run, that are topic to numerous dangers. Ahead-looking statements on this press launch embody, however are usually not restricted to, statements concerning the proposed transaction, together with the timing and construction of the proposed transaction; the itemizing of Mother or father’s shares; the quantity and use of the proceeds of the proposed transaction; PlayUp’s future development and improvements and choices; the market measurement for digital betting and PlayUp’s means to seize a share of that market; the power of PlayUp to develop its market attain, together with its means to acquire new licenses and meet regulatory suitability necessities; the preliminary market capitalization of Mother or father; the quantity of funds accessible in IGAC’s belief account because of stockholder redemptions or in any other case; and the anticipated advantages of the proposed transaction. We can’t guarantee you that the forward-looking statements on this press launch will show to be correct. These forward-looking statements are topic to numerous dangers and uncertainties, together with, amongst others, varied elements past administration’s management, together with normal financial circumstances and different dangers, uncertainties, and elements set forth within the sections entitled “Threat Components” and “Cautionary Notice Relating to Ahead-Trying Statements” in IGAC’s Annual Report on Kind 10-Ok, filed with the SEC on March 25, 2022, and within the proxy assertion/prospectus to be filed by Mother or father in reference to the proposed transaction, and different filings with the SEC, in addition to elements related to firms, similar to PlayUp Restricted, which are engaged in digital betting, together with anticipated traits, development charges and challenges in these companies and within the markets by which they function; the power to finish the proposed transaction because of the failure to acquire required regulatory and stockholder approvals; the failure to fulfill different closing circumstances within the definitive transaction settlement in respect of the transaction or in any other case; the prevalence of any occasion that might give rise to the termination of the definitive transaction settlement; dangers associated to the uncertainty of the forecasted monetary data; the end result of any authorized proceedings which may be instituted towards IGAC, PlayUp Restricted, or Mother or father associated to the definitive transaction settlement or the proposed transaction; dangers associated to the efficiency of PlayUp’s enterprise and the timing of anticipated enterprise or monetary milestones; unanticipated technological or mission improvement challenges, together with with respect to the associated fee and or timing thereof; the efficiency of PlayUp’s merchandise; the results of competitors on PlayUp’s enterprise; the failure to appreciate the anticipated advantages of the proposed transaction; the chance that PlayUp might want to increase further capital to execute its marketing strategy, which might not be accessible on acceptable phrases or in any respect; the quantity of redemption requests made by IGAC’s public stockholders; the chance that PlayUp might by no means obtain or maintain profitability; volatility within the worth of IGAC’s securities; the chance that the transaction disrupts present plans and operations because of the announcement and consummation of the proposed transaction; and the chance that Mother or father’s securities won’t be accredited for itemizing on the Nasdaq or, if accredited, keep the itemizing. Moreover, if the forward-looking statements show to be inaccurate, the inaccuracy could also be materials. As well as, you might be cautioned that previous efficiency might not be indicative of future outcomes. In gentle of the numerous uncertainties in these forward-looking statements, you shouldn’t depend on these statements in investing choice or regard these statements as a illustration or guarantee by any individual that PlayUp, IGAC or Mother or father will obtain our goals and plans in any specified timeframe, or in any respect. The forward-looking statements on this press launch symbolize our views as of the date of this press launch. We anticipate that subsequent occasions and developments will trigger our views to vary. Nonetheless, whereas we might elect to replace these forward-looking statements in some unspecified time in the future sooner or later, now we have no present intention of doing so besides to the extent required by relevant regulation. You must, due to this fact, not depend on these forward-looking statements as representing our views as of any date subsequent to the date of this press launch.
Essential Info In regards to the Proposed Transaction and The place to Discover It
A full description of the phrases of the transaction will likely be offered in a registration assertion on Kind F-4 to be filed with the U.S. Securities and Change Fee (the “SEC”) by Mother or father, which registration assertion will embody a prospectus with respect to Mother or father’s securities to be issued in reference to the transaction and a proxy assertion with respect to the stockholder assembly of IGAC to vote on the transaction. Mother or father and IGAC urge traders, stockholders and different individuals to learn, when accessible, the preliminary proxy assertion/prospectus, in addition to different paperwork filed with the SEC, as a result of these paperwork will comprise essential details about Mother or father, IGAC, PlayUp Restricted, and the transaction. After the registration assertion is said efficient, the definitive proxy assertion/prospectus to be included within the registration assertion will likely be mailed to stockholders of IGAC as of a document date to be established for voting on the proposed enterprise mixture. As soon as accessible, stockholders may also be capable of get hold of a replica of the registration assertion on Kind F-4—together with the proxy assertion/prospectus and different paperwork filed with the SEC— with out cost by directing a request to: Mother or father and IGAC at 251 Park Avenue South, 8th Flooring New York, NY 10010 or through e-mail at data@igacquisition.com . The preliminary and definitive proxy assertion/prospectus to be included within the registration assertion, as soon as accessible, will also be obtained, with out cost, on the SEC’s web site (
www.sec.gov).
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED THEREIN.
Individuals in Solicitation
Mother or father, IGAC, PlayUp Restricted and their respective administrators and government officers, could also be deemed individuals within the solicitation of proxies of IGAC’s stockholders in respect of the transaction. Details about the administrators and government officers of IGAC is ready forth in IGAC’s filings with the SEC. Details about the administrators and government officers of Mother or father, PlayUp Restricted and extra detailed data concerning the identification of all potential individuals, and their direct and oblique pursuits by safety holdings or in any other case, will likely be set forth within the definitive proxy assertion/prospectus for the transaction when accessible. Further data concerning the identification of all potential individuals within the solicitation of proxies to IGAC’s stockholders in reference to the proposed transaction and different issues to be voted upon on the particular assembly, and their direct and oblique pursuits, by safety holdings or in any other case, will likely be included within the definitive proxy assertion/prospectus, when it turns into accessible.
No Provide or Solicitation
This communication is for informational functions solely and doesn’t represent a suggestion or invitation for the sale or buy of securities, belongings, or the enterprise described herein or a dedication to Mother or father, IGAC, or PlayUp Restricted, neither is it a solicitation of any vote, consent, or approval in any jurisdiction pursuant to or in reference to the transaction or in any other case, nor shall there be any sale, issuance, or switch of securities in any jurisdiction in contravention of relevant regulation. Any such provide or solicitation will likely be made solely in reference to the supply of a prospectus assembly the necessities of the Securities Act of 1933, as amended, or exemptions therefrom.
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