Super Group begins its exchange offer and consent solicitation
The group said the purpose of the offer is to streamline capital structure.
Super Group has announced the start of its exchange offer, which will affect the company’s outstanding public warrants when it comes to purchasing ordinary shares.
Super Group outlined its reasoning behind the decision in an official statement.
The company said: “The purpose of the offer and consent solicitation is to attempt to simplify the company’s capital structure and reduce the potential dilutive impact of the warrants, thereby providing the company with more flexibility for financing its operations and growth opportunities in the future.”
These shares were previously issued in October 2020 by Sports Entertainment Acquisition Group.
As part of a consolidation effort, the company will list both its private replacement warrants and public shares on the New York Stock Exchange under the symbol SCHC WS.
Super Group will allow “all holders of the public warrants the opportunity to receive 0.25 Ordinary Shares in exchange for each outstanding public warrant tendered by the holder and exchanged pursuant to the offer, as part of the exchange.
The company said it will also offer “up to an aggregate of 5,624,997 ordinary shares in exchange for the public warrants.”
Super Group is the parent company of Betway, a sports betting and gaming business, and of Spin, a multi-brand online casino. It is licensed in 25 jurisdictions and is represented in markets throughout Europe, the Americas and Africa. The company also works to provide a safe gambling environment to its clientele.
The operator recently published a business update for the fiscal year. Super Group said in the report it anticipates closing a previously announced deal to acquire Digital Gaming Corporation in January 2023.
Once concluded, Super Group will have access to both online sports betting and gaming markets throughout the US.
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