SharpLink Gaming Announces Strategic Alternatives Process
July 18 2024 - 8:30AM
SharpLink Gaming, Inc. (Nasdaq: SBET) (“SharpLink” or the
“Company”), an online performance-based marketing company serving
the U.S. sports betting and iGaming industries, today announced
that its Board of Directors (“Board”) has initiated a formal review
process to evaluate strategic alternatives for the Company. The
Board and management team are taking a measured approach to
considering multiple proposals that have been received by the
Company and other proposals it expects to receive.
SharpLink has been exploring strategic
alternatives that include, but are not limited to, a sale, merger,
strategic business combination or other transaction. SharpLink has
not set a deadline or definitive timetable for completion of the
strategic alternatives review process and there can be no assurance
that this process will result in the Company pursuing a transaction
or any other strategic outcome.
Rob Phythian, Chairman and CEO of SharpLink,
stated “With the strategic sale of our fantasy sports and sports
games development businesses in January 2024 to RSports Interactive
for $22.5 million in cash and the elimination of all of our
interest-bearing debt, coupled with the subsequent redomestication
of our Company from Israel to Delaware and the appointment of a new
Board comprised of truly world class business executives, SharpLink
has transformed into a pure-play, Nasdaq-listed affiliate marketing
company with a strong, clean balance sheet. As part of the Board’s
efforts to evaluate strategic alternatives, it is advancing
discussions with those prospects that we believe offer SharpLink
the best opportunities to optimize our existing business
operations, drive growth and create and maximize value for our
shareholders.”
SharpLink does not intend to make any further
public comment regarding the review of strategic alternatives until
a definitive agreement has been executed or the Company determines
that disclosure is required by law or otherwise deemed
appropriate.
About SharpLink Gaming,
Inc.
Headquartered in Minneapolis, Minnesota,
SharpLink is a trusted marketing partner to leading sportsbooks and
online casino gaming operators worldwide. Through its iGaming
affiliate marketing network, known as PAS.net, SharpLink focuses on
driving qualified traffic and player acquisitions, retention and
conversions to U.S. regulated and global iGaming operator partners
worldwide. In fact, PAS.net won industry recognition as the
European online gambling industry’s Top Affiliate Website and Top
Affiliate Program for four consecutive years by both
igamingbusiness.com and igamingaffiliate.com. SharpLink also owns
and operates a portfolio of direct-to-player, state-specific,
affiliate marketing websites designed to attract, acquire and drive
local sports betting and online casino gaming traffic to its valued
partners which are licensed to operate in each respective state.
For more information, please visit www.sharplink.com.
Forward-Looking Statements
This release contains forward-looking statements
that are subject to various risks and uncertainties. Such
statements include statements regarding the Company’s ability to
grow its business, the potential benefits of the Company’s
products, services and technologies and other statements that are
not historical facts, including statements which may be accompanied
by the words “intends,” “may,” “will,” “plans,” “expects,”
“anticipates,” “projects,” “predicts,” “estimates,” “aims,”
“believes,” “hopes,” “potential” or similar words. Actual results
could differ materially from those described in these
forward-looking statements due to certain factors, including
without limitation, the Company’s ability to achieve profitable
operations, government regulation of online betting, customer
acceptance of new products and services, the demand for its
products and its customers’ economic condition, the impact of
competitive products and pricing, the lengthy sales cycle,
proprietary rights of the Company and its competitors, general
economic conditions and other risk factors detailed in the
Company’s annual report and other filings with the SEC. The Company
does not undertake any responsibility to update the forward-looking
statements in this release.
CONTACT INFORMATION:INVESTOR
AND MEDIA RELATIONSir@sharplink.com
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