SharpLink Gaming Announces Strategic Alternatives Process
SharpLink Gaming, Inc. (Nasdaq: SBET) (“SharpLink” or the “Company”), an online performance-based marketing company serving the U.S. sports betting and iGaming industries, today announced that its Board of Directors (“Board”) has initiated a formal review process to evaluate strategic alternatives for the Company. The Board and management team are taking a measured approach to considering multiple proposals that have been received by the Company and other proposals it expects to receive.
SharpLink has been exploring strategic alternatives that include, but are not limited to, a sale, merger, strategic business combination or other transaction. SharpLink has not set a deadline or definitive timetable for completion of the strategic alternatives review process and there can be no assurance that this process will result in the Company pursuing a transaction or any other strategic outcome.
Rob Phythian, Chairman and CEO of SharpLink, stated “With the strategic sale of our fantasy sports and sports games development businesses in January 2024 to RSports Interactive for $22.5 million in cash and the elimination of all of our interest-bearing debt, coupled with the subsequent redomestication of our Company from Israel to Delaware and the appointment of a new Board comprised of truly world class business executives, SharpLink has transformed into a pure-play, Nasdaq-listed affiliate marketing company with a strong, clean balance sheet. As part of the Board’s efforts to evaluate strategic alternatives, it is advancing discussions with those prospects that we believe offer SharpLink the best opportunities to optimize our existing business operations, drive growth and create and maximize value for our shareholders.”
SharpLink does not intend to make any further public comment regarding the review of strategic alternatives until a definitive agreement has been executed or the Company determines that disclosure is required by law or otherwise deemed appropriate.
