December 28, 2021 Legal, Online, Marketing

Inspired nets $30.5m from exercise of warrants

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Outstanding financial instruments expired December 23.

Inspired Entertainment, a B2B provider of gaming content, systems and solutions, on Tuesday said all of the company’s previously outstanding warrants expired on December 23.

Prior to expiration, an aggregate of 14,351,588 warrants were exercised, including amounts previously disclosed, to acquire the company’s common stock.

In a statement released Tuesday, company officials said the transaction resulted in the issuance of 3,679,015 shares, including 1,027,836 shares issued pursuant to exercises of private warrants on a cashless basis) and proceeds to Inspired of $30.5m.

“The aggregate proceeds of $30.5m from the exercise of our warrants demonstrate the progress Inspired has made as a company as well as the confidence of our investors in our business, on a going forward basis,” Lorne Weil, executive chairman of Inspired, said in a statement. “We believe the enhanced financial flexibility we will have going forward as a result of these proceeds will position us well to pursue our strategic goals.”

Inspired offers an expanding portfolio of content, technology, hardware and services for regulated gaming, betting, lottery, social and leisure operators across land-based and mobile channels around the world. The company says its gaming, virtual sports, interactive and leisure products appeal to a wide variety of players, creating new opportunities for operators to grow their revenue.

The company operates in approximately 35 jurisdictions worldwide, supplying gaming systems with associated terminals and content for approximately 50,000 gaming machines located in betting shops, pubs, gaming halls and other route operations; virtual sports products through more than 32,000 retail venues and various online websites; interactive games for more than 170 websites; and a variety of amusement entertainment solutions with a total installed base of more than 16,000 terminals.

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