SharpLink Gaming proposes move to Delaware
The company plans to merge with its Delaware subsidiary and expects changes to take effect by the second quarter of this year.
SharpLink Gaming has filed a registration statement with the US Securities and Exchange Commission (SEC). The company intends to change its jurisdiction of incorporation from Israel to Delaware.
It expects the domestication to become effective in the second quarter of 2022.
The company entered into an agreement and plan of merger with its Delaware subsidiary, SharpLink Gaming and subsidiary SharpLink Delaware, formed under Israeli law.
The Israeli subsidiary will merge with the company, with SharpLink Gaming becoming a wholly owned subsidiary of SharpLink Delaware.
SharpLink will hold a meeting with its shareholders to seek approval of US domestication once the SEC declares the registration effective.
The company expects that the common stock of SharpLink Delaware will continue trading on the Nasdaq Capital Market under the same SBET trading symbol when the domestication merger becomes effective. Shareholders will be able to exchange current shares for equal shares in SharpLink Delaware.
Rob Phythian, SharpLink’s CEO, stated, “After careful consideration, our Board of Directors and management team believes that domesticating into the US as a Delaware corporation is in the Company’s best interests since almost all of our business and operations are now located in and conducted from the US and a substantial majority of our outstanding ordinary shares are held by US residents.”
“We also believe that the Company and our shareholders will benefit from Delaware’s well-established principles of corporate law and governance. We do not expect this change will have any impact on our day-to-day operations.”
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