Rivalry set to explore long-term strategic alternatives
An official review is currently being undertaken by the company’s Board of Directors.
Key Points
- Rivalry has announced that its Board will be conducting an official review of its long-term strategy
- Investment bank XST Capital Group LLC has been brought in as an advisory to the Board
Operator Rivalry has announced that an official review of its long-term strategy is currently being undertaken by the organization’s Board of Directors (BOD).
As part of this process, the operator has drafted in investment bank XST Capital Group as an official advisory to the Board. This initiative will see the pair then work in tandem to undergo a comprehensive evaluation of the company’s position within the iGaming and sportsbook industries with regard to future growth and innovation.
Rivalry Co-Founder & CEO, Steven Salz, commented on this latest update, saying, “We have built a strong foundation in the online gaming sector, delivering an exceptional experience for our players while driving operational excellence. This review is a natural step in assessing how we can best create long-term value for our stakeholders while continuing to enhance our world-class gaming platform.”
Elsewhere, Rivalry’s senior management team has also confirmed that the company has obtained a $650,000 unsecured loan – set to mature in late September 2025 – from its existing senior lender.
Good to know: Rivalry is currently experiencing a transition in its financial management team, with Demi Abidogun-Benson stepping in as Interim CFO in August 2024
More recently, the operator posted its Q3 2024 results, highlighting a $57m handle alongside an adjusted gross revenue of $4.3m. Further, in late December Rivalry completed its non-brokered private placement of $3.32m – with over 22 million units sold in connection with the offering.
Following on from this in January, the company announced that it would be offering its new crypto payment method via $TRUMP coin – a cryptocurrency debuted ahead of the presidential inauguration.
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