Torque Esports Corp (TSXV: GAME) has announced that it has completed the previously announced plan of arrangement with UMG Media Ltd (TSXV: ESPT) as of December 31, 2019.
The company takeover involves Torque obtaining all of UMG’s outstanding and issued common shares, with an exchange ratio of one UMG share for 0.0643205 of a Torque share. At the time of announcement, UMG shareholders were originally to receive 0.08 shares of Torque per share held, however numerous amendments to the transaction decreased this figure to the latest ratio.
In addition to the plan of arrangement completion, Torque has also announced it is unable to meet the filling deadline for its financial statement annual audit, and will instead release all of the required statements including the MD&A and CEO/ CFO certificates before the end of January 2020. The company attributes the delay to additional work required in the valuation model, such as the attainment of UMG Media.
The company expects to be issued a cease trade order as a result.
UMG Media, which has now been taken over by Torque Esports, is a North American online gaming entertainment company. The firm provides its users with live entertainment and original content related to esports.
Torque Esports predominantly concentrates on esports racing as well as providing its clients with access to esport data and technology resources.
Torque Esports Corp. is currently trading at $1.10 on the TSXV.
Information for this briefing was found via Sedar and Torque Esports Corp. 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.