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As Previously Announced on February 8, 2025
STOCKHOLM, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Adventure Box Technology AB (STO: ADVBOX) Adventure Box Technologies AB (publ) ("Adventure Box” or “the Company") announced on February 8, 2025, the execution of a Letter of Intent to purchase 100% of Blok Sports LLC ("Blok") and 51% of Sparx Technologies ("Sparx"). These planned acquisitions will strengthen Adventure Box's position in the iGaming sector and advances management's vision of building the premier portfolio of gaming companies.
The planned acquisition of Blok represents a key entry into the digital sports and gaming markets, introducing a turnkey social sports betting platform for global media partners. Blok's cutting-edge technology enhances customer engagement, expands brand visibility, and delivers blockchain-based gaming solutions across Adventure Box's iGaming properties. Specializing in social sports betting and AI-driven analytics, Blok leverages blockchain and smart contracts to increase transparency and trust.
Sparx, a subsidiary of Blok, is a leading fan engagement platform used by major sports and media companies including ESPN, Disney, and Turner Sports. With a majority stake in Sparx, Adventure Box will further diversify its portfolio by integrating advanced fan engagement tools, broadening its technological capabilities and market reach.
Under the terms of the agreement, Adventure Box will acquire 100% of Blok and 51% of Sparx for total consideration of $12 million. The payment structure includes an initial issuance of $3,000,000 in common shares, less certain liabilities outstanding, on March 31, 2025, at a 15% discount to the last 30 days' volume weighted average price. This initial share issuance is supported by the resolution of the Extraordinary General Meeting of Adventure Box on December 30, 2024, which authorized the Board to issue shares, warrants, and convertibles corresponding to up to 25% of the shares. All additional share issuances of $3,000,000 will follow on December 31, 2025, 2026 and 2027, under the same discount terms. These future share issuances will require approval at the Annual General Meeting or be subject to approval at an Extraordinary General Meeting. All share issuances will be subject to a lock-up period of up to one month, followed by a gradual release equally over a six month period.
"We couldn't have found a better potential partner than Adventure Box, especially following their acquisition of Lion Gaming Group Inc.," said Mitchell Chun, CEO of Blok Sports LLC. "With these acquisitions, Adventure Box is reshaping the iGaming landscape through its innovative approach to aggregating complementary assets to drive significant value, while Blok is redefining how the next generation of fans bet on sports. We're excited about the opportunity to join the Adventure Box family and deliver transformative consumer experiences in the global sports betting market, which remains underserved by traditional players."