Online sports betting and gaming holdings firm SGHC (NYSE: SGHC), known as Super Group, is set to be taken public on the New York Stock Exchange by blank check firm Sports Entertainment Acquisition Corporation today. Super Group is the parent company of online sports betting company Betway and online casino Spin.
At a special meeting attended by Sports Entertainment Acquisition stockholders representing 62.52% of outstanding shares, the reverse merger was approved through 98.3% voting in favor. Around 24.8 million shares opted for redemption, leading the transaction expected to generate approximately US$202.4 million in proceeds.
“We were attracted to Super Group for its proven business model, strong leadership and exceptional products and technology,” said Sports Entertainment Acquisition Chairman Eric Grubman.
The resulting merger is expected to start trading its shares and warrants on the NYSE under the symbols “SGHC” and “SGHC.WS”, respectively. The SPAC used to trade on the big board under the symbol “SEAH”.
Sports Entertainment Acquisition last traded at US$8.14 on the NYSE.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.