Playmaker Capital has confirmed its voluntary withdrawal from the OTCQX Marketplace ahead of the closing of its takeover by Better Collective.
The Toronto-listed digital sports media company explained that the decision was in light of its imminent integration into Better Collective, which agreed to pay almost $188m for a full acquisition of the firm.
Moreover, Playmaker noted that the quoted fees to remain on the OTCQX until the acquisition is complete meant that withdrawing was necessary.
Better Collective and Playmaker have indicated that the transaction will be completed in Q1 of 2024.
Following the deal’s closure, Better Collective will take control of the firm’s network of sporting websites including FutbolSites, Yardbarker, and The Nation Network.
A flagship soccer-related website, Futbol Sites attracts over 180 million visitors each month producing content for online, social media, video, and podcasts as South America’s largest fan-favorite sports community. The full stable of Playmaker Capital’s portals generates over 200 million monthly visitors.
Better Collective outlined that it will fund the transaction through a mixture of share allocation (65%) and cash reserves (35%). Breaking down the allocation of shares, around 1.7 million new shares will be issued and 1.4 million existing shares will be used to fund the deal.
While Playmaker will withdraw from the OCTQX, it will remain on the Toronto Stock Exchange until further notice.
The firm stated: “The Company’s common shares will continue to trade on the TSX Venture Exchange under the ticker symbol “PMKR”. The Company expects its common shares to be eligible for quotation on the Pink tier of OTC Markets Group if market makers commit to making a market in the Company’s shares.
“The Company can provide no assurance that quotations in its common shares will continue on the OTC Markets Group or otherwise.”
