SharpLink Gaming kicks off strategic review process
As usual in these processes, a merger or sale of the business is under consideration as a possible option.
SharpLink Gaming’s Board of Directors has begun a formal review process designed to “evaluate strategic alternatives for the company.”
As part of the review process, the company will consider several business moves that could include a merger, sale, strategic business combination or other transactions.
The company noted that its management team and Board “are taking a measured approach to considering multiple proposals that have been received by the company and other proposals it expects to receive.”
The review process, however, does not necessarily mean guaranteed transactions will happen, according to a company statement.
Company Chairman and CEO Rob Phythian spoke in more detail regarding SharpLink’s latest financial moves this year and discussed the motivation behind the review process.
He commented, “With the strategic sale of our fantasy sports and sports games development businesses in January 2024 to RSports Interactive for $22.5m in cash and the elimination of all of our interest-bearing debt, coupled with the subsequent redomestication of our company from Israel to Delaware and the appointment of a new Board comprised of truly world-class business executives, SharpLink has transformed into a pure-play, Nasdaq-listed affiliate marketing company with a strong, clean balance sheet.
“As part of the board’s efforts to evaluate strategic alternatives, it is advancing discussions with those prospects that we believe offer SharpLink the best opportunities to optimize our existing business operations, drive growth and create and maximize value for our shareholders.”
SharpLink was founded in 2019. The Minneapolis-based company provides conversion and user engagement solutions to both the iGaming and US sports betting industries. SharpLink said it plans to launch other websites as states continue to legalize sports betting.
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