Kings Entertainment nears completion of Bet99 reverse takeover28th October 2022 11:00 am GMT
Kings Entertainment Group shareholders have approved the proposed business combination with Sports Venture Holdings (SVH), the parent company of Canadian betting and gaming operator Bet99.
Kings Entertainment agreed a deal to acquire SVH and its Bet99 brand in May, and recently secured approval from the Canadian Securities Exchange (CSE).
Shareholders voted in favour of the reverse takeover this week and also elected six directors - Jared Beber, Robin Godfrey, David Danziger, Kevin Kirby, Cory Levi and Helene Fortin - who will serve on the board after completion.
“The near unanimous approval of our shareholders at the meeting shows our shareholders' continued trust and support for management and our business strategy,” said Kings Entertainment CEO Steve Budin. “The approvals received today mark an important step towards the completion of our previously announced business combination.
“With this approval in place, we intend to proceed with a financing to ensure that Interactive Entertainment Group, the entity resulting from the business combination, is well funded and would hope to close the business combination shortly after the financing.”