RightBridge Ventures has nabbed approval for listing on the Nasdaq First North Growth Market in Sweden and iCandy and Fatfish Group are cheering in the stands.
To recap, the reverse takeover deal between RightBridge and Agilit Holding will see Agilit acquire RightBridge at a valuation of A$25.5 million (that’s around $180 million Swedish krona or SEK).
RightBridge is an esports venture firm that invests in and acquires companies in the esports and gaming industry, with a vision of creating an esports ecosystem.
iCandy (ASX:ICI) is currently the largest independent game developer in Australia, New Zealand and Southeast Asia, and expects RightBridge to have significant synergies with its gaming business both traditional and Web 3.0.
18.4% and 38% stakes for the companies
iCandy currently owns approximately 19.7% stake in RightBridge – and post the transaction will effectively own 18.4% of Agilit worth approximately SEK35.4 million or A$5.0 million.
Fatfish Group (ASX:FFG) is a publicly traded tech venture firm and is a strategic shareholder in iCandy, and post the reverse takeover transaction, its Swedish subsidiary Abelco Investment Group will effectively own 38% of Agilit.
Their stake will be worth SEK73.1 million or A$10.4 million.
Next step is shareholder approval
The completion of the reverse takeover is conditional upon the approval of NASDAQ First North Growth Market and the approval of the existing shareholders of Agilit via an extraordinary general meeting.
Agilit plans to hold an extraordinary general meeting in September to obtain its shareholders’ approval.
This article was developed in collaboration with iCandy Interactive Limited and Fatfish Group Limited, Stockhead advertisers at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.