18 August 2020: RightBridge Ventures AB (“RightBridge Ventures”) and Animoca Brands Corporation Limited (“Animoca Brands”) have initiated a strategic partnership with the acquisition of Gamma Innovations Inc. (“Gamma”) by RightBridge Ventures.
RightBridge Ventures will acquire from Animoca Brands Limited (a subsidiary of Animoca Brands Corporation Limited) the entire issued capital in Gamma Innovations Inc., being 9,000,000 ordinary shares, for a consideration of US$1 million, payable in fully paid shares of RightBridge Ventures. Thus, Animoca Brands will become a strategic shareholder of RightBridge Ventures with a fully diluted ownership stake of approximately 5%. The transaction is due to be closed within 31 August 2020.
Gamma offers a PC software application that allows users to leverage their computers’ idle processing power to generate Gamma Points while mining for Ether. Gamma collects 50% of the value of tokens mined. Users receive Razer loyalty credits called Razer Silver, as a result of a commercial relationship between Gamma and Razer that represents a potential audience of 60 million Razer users, consisting primarily of gamers. Currently, Gamma’s software has over 35,000 unique active users.
The objective of the partnership between Animoca Brands and RightBridge Ventures is to combine Animoca Brands’ leadership in shaping the evolution of the gaming industry towards mobility, multiplayer networking and true ownership of in-game digital items with RightBridge Ventures’ expertise in scaling up innovative companies and access to European and Scandinavian capital markets. RightBridge Ventures is seeking to list on a recognised Swedish exchange, with a listing targeted within 2020.
Scandinavian capital markets are among the most advanced and knowledgeable about the trends and technologies that shape the esport and gaming industry value chains. The partnership will enable investors to invest, through RightBridge Ventures, in some of the most future-looking industry shaping initiatives being spearheaded by Animoca Brands.
Animoca Brands acquired Gamma for US$350,000 plus earn-out (please refer to Animoca Brands’ announcement of 27 June 2019). Having worked with the Gamma team over the last year, Animoca Brands is now able to release substantially more strategic value through the sale of Gamma to RightBridge Ventures. The earn-out obligations will be transferred to RightBridge Ventures upon the sale of Gamma to RightBridge Ventures.
If RightBridge Ventures does not list on a public exchange by the end of Q1 2021, Animoca Brands has the right to terminate the deal and take back ownership of the shares in Gamma. The RightBridge Ventures shares that Animoca Brands is receiving as consideration for the sale of Gamma are subject to a lockup ending six months after RightBridge Ventures’ public listing.
About RightBridge Ventures
RightBridge Ventures is an investment company based in Stockholm (Sweden) dedicated to investing in companies that shape the future of esports and gaming as part of the digital entertainment industry. RightBridge Ventures intends to be publicly listed during 2020. For more information visit www.rightbridge.se or get updates by following RightBridge Ventures on Instagram or LinkedIn.
About Animoca Brands
Animoca Brands is a leader in the field of digital entertainment, specializing in blockchain, gamification, and artificial intelligence technologies to develop and publish a broad portfolio of mobile products including games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes as well as products utilizing popular intellectual properties such as Formula 1®, Marvel, Garfield, Snoopy, Thomas & Friends™, Power Rangers, MotoGP, and Doraemon. Animoca Brands’ portfolio of blockchain investments and partnerships includes Lucid Sight, Dapper Labs (creators of CryptoKitties), WAX, Harmony, and Decentraland. The Company is based in Hong Kong, United States, South Korea, Finland, Argentina, and the Czech Republic. For more information visit www.animocabrands.com or get updates by following Animoca Brands on Facebook or Twitter.
Related
cryptoshib.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
