Press Releases
Apolo III Acquisition Corp. Announces Execution of Business Combination Agreement
Apolo III Acquisition Corp. is pleased to announce that, further to its news release dated March 8, 2021, it has entered into a definitive business combination agreement dated April 19, 2021 (the “Business Combination Agreement”) with Playmaker Capital Inc. (“Playmaker”) and 2830125 Ontario Inc. (“Apolo Subco”), a wholly-owned subsidiary of Apolo, incorporated, pursuant to the provisions of the Business Corporations Act (Ontario) (the “OBCA”) in connection with the proposed business combination of Apolo and Playmaker, which transaction (the “Qualifying Transaction”) is intended to constitute Apolo’s “Qualifying Transaction” (within the meaning of Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange (the “Exchange”)).
The Business Combination Agreement provides for, among other things, a three-cornered amalgamation (the “Amalgamation”) pursuant to which, among other things: (a) Playmaker will amalgamate (the “First Amalgamation”) with Apolo Subco, (b) all of the post-Playmaker Consolidation (as described below) common shares of Playmaker (each, a “Playmaker Consolidation Share”) outstanding immediately prior to the First Amalgamation will be cancelled and, in consideration therefor, the holders thereof will receive post-Apolo Consolidation (as described below) common shares of Apolo (each, an “Apolo Consolidation Share”) on the basis of one (1) Playmaker Consolidation Share for one (1) Apolo Consolidation Share, and (c) the entity resulting from the amalgamation between Playmaker and Apolo Subco will subsequently amalgamate (the “Second Amalgamation”) with Apolo under the OBCA (the “Resulting Issuer”), and the Apolo Consolidation Shares outstanding immediately prior to the Second Amalgamation will be exchanged for the common shares of the Resulting Issuer (each, a “Resulting Issuer Share”) on the basis of one (1) Apolo Consolidation Share for each one (1) Resulting Issuer Share. After giving effect to the Qualifying Transaction, the shareholders of Playmaker will collectively exercise control over Apolo.
Prior to or on completion of the Amalgamation (the “Effective Time”), it is intended that: (i) the outstanding common shares of Apolo (each, an “Apolo Share”) will be consolidated (the “Apolo Consolidation”) on the basis of one (1) Apolo Consolidation Share for each 4.54 pre-Apolo Consolidation Apolo Shares, (ii) common shares of Playmaker (each, a “Playmaker Share”) will be consolidated (the “Playmaker Consolidation”) on the basis of one (1) Playmaker Consolidation Share for every 2.5 pre-Playmaker Consolidation Playmaker Shares, (iii) Apolo will change its name to “Playmaker Capital Inc.”, and (iv) provided the Escrow Release Conditions (as defined below) are satisfied, each Subscription Receipt (as defined below) will automatically convert into one Playmaker Consolidation Share prior to the Effective Time.
Completion of the proposed Qualifying Transaction is subject to, among other things, receipt of all necessary regulatory and shareholder approvals.
The Business Combination Agreement
The Business Combination Agreement contemplates that, among others, the following conditions precedent be met prior to the Effective Time, including, but not limited to, (a) acceptance by the Exchange and receipt of other applicable regulatory approvals; (b) completion of the Subscription Receipt Financing (as defined below); (c) receipt of the requisite approvals of the shareholders of Apolo (the “Apolo Shareholders”) with respect to the Apolo Consolidation, adoption of a new stock option plan (in such form as requested by Playmaker, acting reasonably) (the “Stock Option Plan”), the director appointments agreed upon by Apolo and Playmaker (the “Director Appointments”) and adoption of an advance notice by-law; (d) receipt of the requisite approvals of the shareholders of Playmaker with respect to the Playmaker Consolidation and the Amalgamation; (e) no adverse material change in the business, affairs, financial condition or operations of Playmaker or Apolo having occurred between the date of entering into the Business Combination Agreement and the closing date of the Qualifying Transaction; and (f) dissent rights shall have been exercised in respect of no more than 5% of the issued and outstanding Playmaker Shares. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.
The Amalgamation will not constitute a Non-Arm’s Length Qualifying Transaction (as such term is defined in the policies of the Exchange). No person who or which is a Non-Arm’s Length Party (as such term is defined in the policies of the Exchange) of Apolo has any direct or indirect beneficial interest in the share capital of Playmaker or its assets prior to giving effect to the Amalgamation and no such person is an insider of Playmaker. Similarly, there is no known relationship between or among any person who or which is a Non-Arm’s Length Party of Apolo and any person who or which is a Non-Arm’s Length Party to Playmaker.
If all conditions to the implementation of the Amalgamation have been satisfied or waived, Apolo and Playmaker will carry out the Amalgamation. Pursuant to the terms of the Amalgamation, it is expected that the following security conversions, exercise and issuances will occur among Apolo, Playmaker and the securityholders of Playmaker at or prior to the Effective Time:
- the Apolo Shares being consolidated on the basis of one (1) post-Apolo Consolidation Apolo Share for every 4.54 pre-Apolo Consolidation Apolo Shares;
- an aggregate of 23,875,000 options (the “Founder Options”) collectively held by Relay Ventures Fund III L.P., Relay Ventures Parallel Fund III L.P. Jordan Gnat and JPG Investments Inc. to acquire an equal number of Playmaker Shares at a price of US$0.00001 per Playmaker Share will be exercised;
- all issued and outstanding Class A Preferred Shares of Playmaker shall be converted to Playmaker Shares (subject to applicable adjustment for the Playmaker Consolidation);
- the Playmaker Shares (excluding the Playmaker Shares to be issued upon conversion of the Subscription Receipts and conversion of the Playmaker Debentures (as defined below)) being consolidated on the basis of one (1) Playmaker Consolidation Share for every 2.5 pre-Playmaker Consolidation Shares;
- the Subscription Receipts being exchanged, without additional consideration or further action, into Playmaker Consolidation Shares upon satisfaction of the Escrow Release Conditions;
- the 5.0% convertible debentures (the “Playmaker Debentures”) in an aggregate principal amount of $12,500,000 issued in connection with the acquisition of Futbol Sites LLC and Odenton Company S.A. by Playmaker on March 3, 2021 will be converted into Playmaker Consolidation Shares at a price equal to the greater of (i) $0.10 per Playmaker Consolidation Share, and (ii) 80% of the per-share price attributed to the Playmaker Consolidation Shares in connection with the Qualifying Transaction;
- each Broker Warrant (as defined below) to be issued to the Agents (as defined below) in connection with the Subscription Receipt Financing outstanding immediately prior to the Effective Time shall be exchanged for Resulting Issuer Share purchase warrants (the “Resulting Issuer Broker Warrants”) such that the holders of such Resulting Issuer Broker Warrants will be entitled to the purchase of one Resulting Issuer Share per one Resulting Issuer Broker Warrant;
- Apolo will acquire all of the issued and outstanding Playmaker Consolidation Shares such that all issued and outstanding Playmaker Consolidation Shares, including those issued in exchange for the Subscription Receipts and those issued on conversion of the Playmaker Debentures, will be exchanged, without additional consideration or further action, for Resulting Issuer Shares on the basis of one (1) Playmaker Consolidation Share for one (1) Resulting Issuer Share;
- each stock option of Playmaker (other than the Founder Options) and each warrant of Playmaker outstanding immediately prior to the Effective Time, whether vested or not vested, shall be cancelled and exchanged for comparable securities of the Resulting Issuer ( “Resulting Issuer Options” and “Resulting Issuer Warrants”) on economically equivalent terms, subject to adjustments contemplated by the Business Combination Agreement; and
- each stock option of Apolo outstanding immediately prior to the Effective Time, whether vested or not vested, shall be cancelled and exchanged for Resulting Issuer Options on economically equivalent terms, subject to adjustments contemplated by the Business Combination Agreement.
Immediately following the Effective Time, the Resulting Issuer is expected to have 178,813,069 Resulting Issuer Shares, 7,014,200 Resulting Issuer Options, 730,800 Resulting Issuer Warrants and 1,575,600 Resulting Issuer Broker Warrants issued and outstanding. As of the Effective Time, the current Apolo Shareholders will hold an aggregate of approximately 1,892,000 Resulting Issuer Shares, representing approximately 1.1% of the Resulting Issuer Shares. Immediately following the Effective Time, Playmaker is expected to hold 128,921,069 Resulting Issuer Shares (or approximately 72.1%) and the holders of Subscription Receipts (as defined below) are expected to hold 48,000,000 Resulting Issuer Shares (or approximately 26.8%) of the total issued and outstanding Resulting Issuer Shares.
Trading of the Apolo Shares was halted on April 6, 2020 as a result of the failure of Apolo to complete a Qualifying Transaction within 24 months of its listing on the Exchange, and is currently suspended and will remain suspended until completion of the Qualifying Transaction. Trading of the Apolo Shares will not resume prior to the completion of the Qualifying Transaction.
Latest News
Aposta Ganha launches Black Friday promotion with new ambassador Luva de Pedreiro
Aposta Ganha, the fastest growing Brazilian sports betting and casino site in Brazil, has launched its Black Friday promotion with its newest ambassador Luva de Pedreiro, AKA Bricklayer’s Glove.
With over 21 million followers on Instagram, the digital influencer and social media phenomenon will strengthen the brand’s presence in the market and shake up Black Friday with a campaign full of special offers for bettors.
Known for his catchphrase “Receeeeba!” and his irreverent personality, Luva de Pedreiro will be the main face of the campaign, creating a direct connection with the public, football fans and social media enthusiasts. The partnership aims to increase Aposta Ganha’s visibility in the market, attract new bettors and offer an even more dynamic experience.
Aposta Ganha is taking advantage of Black Friday to reinforce its commitment to ethical and transparent operations in the market. The platform complies with the new regulations of the Federal Government and invests in education and awareness initiatives, ensuring a safe experience for its users. Vitor Paulin, Chief Marketing and Growth Officer at Aposta Ganha, said: “Signing an ambassador like Luva de Pedreiro is a huge milestone for Aposta Ganha. His authenticity and connection with the public make him the ideal partner to boost our brand and make the betting experience even more exciting.”
Aposta Ganha’s Black Friday brings unmissable offers for all types of bettors. One highlight is that bettors will receive 10% cashback on the amount lost in the Aviatrix game and daily offers for sports betting. The promotions will be valid from November 21 to 30, with exclusive advantages in selected games each day.
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MAJOR LEAGUE BASEBALL SELECTS SPORTRADAR TO TRANSFORM PLAYER TALENT SCOUTING FOR ALL 30 CLUBS
Sportradar today announced a multiyear agreement with Major League Baseball (MLB) to offer unparalleled sports performance analysis of amateur baseball prospects, through its Synergy Coaching and Scouting solution, to the league and its 30 Clubs. This new partnership will revolutionize player talent scouting through Sportradar’s advanced, proprietary technology and highlights Sportradar’s commitment to delivering innovative and game-changing solutions to the league.
Under the agreement, MLB and its 30 Clubs will gain access to an unprecedented depth of player analysis and insights with event coverage expanding significantly, from 3,300 to more than 20,000 games – an over 600% increase. This includes college, international, professional partner leagues and leading amateur leagues, such as the MLB Draft League, the Appalachian League and MLB Develops events, and, for the first time, top high school events.
The Synergy Coaching and Scouting solution is uniquely positioned to address the player evaluation needs of MLB as it leverages Sportradar’s expertise ingesting and transforming millions of data points from video into detailed metrics, actionable insights and dynamic visualizations. This, combined with Sportradar’s AI-powered sports performance technology, enables Synergy to provide unparalleled, in-depth analysis of every player, play and game situation, and equips MLB and Club scouts with the information and insights they need to streamline the evaluation process, guide draft decisions and support the development of future MLB players.
“Sportradar’s cutting-edge technology, alongside our reputation as a trusted partner to leading US sports leagues, is driving the transformation of sports performance analysis,” said Eduard Blonk, Chief Commercial Officer, Sportradar. “Through Synergy we are pleased that we are expanding our relationship with MLB, equipping them with the deep data and insights they need to identify the next generation of players. We are eager to continue bringing innovative solutions to MLB.”
“We are excited to expand our relationship with Sportradar and ensure equal access to the Synergy video and data services for all 30 MLB Clubs. This platform has become a key resource for Clubs in the domestic and international scouting process and we look forward to continuing our work with Sportradar in the coming years,” said John D’Angelo, MLB’s Sr. Vice President of Amateur and Medical Operations.
Financial reports
Commercial Gaming Revenue Growth Continues in Q3 2024, Driving Industry’s 15th Consecutive Quarter of Growth
U.S. commercial gaming revenue reached $17.71 billion in Q3 2024, the industry’s highest-grossing Q3 on record, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker. This makes Q3 2024 the industry’s 15th consecutive quarter of annual revenue growth, with September marking the 43rd straight month of rising year-over-year commercial gaming revenue.
Through the first nine months of the year, nationwide commercial gaming revenue stands at $53.24 billion, pacing 8.0 percent ahead of 2023 and putting the industry on track for a fourth straight record revenue year.
In Q3 2024, 29 of the 35 commercial gaming jurisdictions operational last year saw increased year-over-year revenue. This growth resulted in an 8.9 percent year-over-year increase in state and local taxes tied directly to gaming revenue, with commercial gaming operators contributing $3.79 billion in taxes across the quarter.
Quarterly revenue from land-based gaming – encompassing casino slots, table games and retail sports betting – totaled $12.56 billion, 0.62 percent lower than Q3 2023. Meanwhile, combined revenue from online sports betting and iGaming totaled $5.14 billion in Q3 2024 as online gaming made up 29.0 percent of commercial gaming revenue, a significantly higher share than in Q3 2023.
Looking at each sector in Q3 2024:
- Traditional Gaming: Traditional brick-and-mortar casino gaming generated quarterly revenue of $12.38 billion, a contraction of 0.9 percent year-over-year.
- Legal Sports Betting: Americans legally wagered $30.3 billion on sports, generating $3.24 billion in quarterly revenue (+42.4% YoY). Recent market launches in Kentucky, Maine, North Carolina and Vermont contributed to this growth.
- iGaming: iGaming generated $2.08 billion in revenue, marking a 30.3 percent year-over-year increase.
“Q3 2024 continued gaming’s momentum from the first half of the year, with online casino and sports betting driving strong growth. At the same time, new brick-and-mortar casino openings bolstered traditional gaming, which still accounts for the bulk of industry revenue,” said AGA Vice President of Research David Forman. “More than a quarter of commercial revenue now regularly comes from online sources, raising the importance of continued sustainable growth with consumers in those states.”
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