Super Group has informed investors of its decision to cancel private warrants and earnout waivers related to its NYSE listing.
Following a revision of its NYSE shareholdings and stock compensation, Super Group leadership took the decision to remove the potential issuance of approximately 78.8 million ordinary shares in the company.
As a result of this, Super Group’s fully diluted share count will reduce by approximately 13.6% to 502.41 million shares.
CEO Neal Menashe and President/COO Richard Hasson, updated investors, noting: “Today’s efforts simplify our capital structure and reduce the prospect of potential future dilution.
“As a team, together with our sponsors, who agreed to cancel their private warrants, and our original shareholders, who waived their rights to earn-out shares, we remain committed to our long-term vision and to taking proactive steps to create value for investors and greater certainty around our capital structure.”
Super Group began trading on the NYSE on 28 January, listing via a merger with Sports Entertainment Acquisition Corporation (SEAH), taking the parent company of the Betway and Spin Games brands to public trading. Upon listing, the group was valued at $4.75bn.
It comes as the group seeks to assert its Betway brand as a leading US sportsbook operator, having already established itself in both Europe and Africa.
However, the company’s share price has dipped from its listing price of $8.25 to today’s value of $3.05, as its current market cap stands at $1.5bn.
Despite this, Super Group maintains its full-year outlooking, in which it expects revenues to stand at €1.15bn and €1.28bn and adjusted EBITDA of between €200m and €215m, respectively.