Fansunite Ent Stock Price, News & Analysis

FansUnite Entertainment Inc. (OTC: FUNFF) has announced significant leadership changes with the immediate departures of CEO and director Scott Burton, along with COO Ian Winter. Graeme Moore, the company's current Chief Financial Officer, will maintain his CFO role while taking on the position of interim Chief Executive Officer.

Moore expressed gratitude for Burton and Winter's years of service and dedication, while stating his enthusiasm for driving FansUnite forward and exploring new opportunities for shareholders.

Tekkorp Holdings has increased its stake in FansUnite Entertainment through a significant share purchase. The transaction involves the acquisition of 29,270,550 shares at $0.0014 per share, completed on January 16, as part of a larger 63,910,838 share purchase agreement dated September 16, 2024.

Prior to this purchase, Tekkorp held 46,708,288 common shares and 12,500,000 warrants, representing a potential 15.91% ownership if all warrants were exercised. Following the transaction, Tekkorp now controls 75,978,838 common shares and 12,500,000 warrants, which would represent 23.78% of outstanding shares if all warrants are exercised.

The acquisition was made under the 'private agreement exemption' from formal take-over bid requirements, meeting specific conditions including purchases from fewer than 5 persons and consideration value within 115% of share value.

FansUnite Entertainment announced a significant share acquisition by Tekkorp Holdings . Through a share purchase agreement dated September 16, 2024, Tekkorp acquired 63,910,838 common shares at $0.0014 per share. On December 27, 2024, 30,890,288 shares were effectively transferred to Tekkorp.

Prior to this transaction, Tekkorp held 15,818,000 common shares and 12,500,000 warrants, representing 7.61% ownership if all warrants were exercised. Post-acquisition, Tekkorp now controls 46,708,288 common shares and 12,500,000 warrants, potentially representing 15.91% ownership if all warrants are exercised.

FansUnite Entertainment Inc. (OTC Pink: FUNFF) has completed its return of capital distribution of C$0.0725 per share. The payment was processed on August 29, 2024, with eligible shareholders being those of record as of the close of business on August 26, 2024 (the Record Date). Shareholders do not need to take any action to receive the distribution, as payment will be automatically delivered to those eligible. This move represents a significant financial event for the company and its shareholders, potentially impacting the company's capital structure and shareholder value.

FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) has announced the delisting of its common shares from the Toronto Stock Exchange (TSX), effective at the close of market on August 21, 2024. The company will also apply to withdraw its common shares from the OTCQB shortly after the TSX delisting. FansUnite has set August 26, 2024 as the record date for shareholders to be eligible for the previously announced return of capital (Distribution). To participate in the Distribution, shareholders must complete trades on the TSX by the close of market on August 21, 2024.

FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) has completed the sale of its Betting Hero business to Hero Group Corp. for US$37.5 million. The company plans to delist from the TSX on August 21, 2024, and will distribute C$26 million to shareholders as a return of capital. Shareholders will receive C$0.0725 per share, with a record date of August 26, 2024, and a payment date of August 29, 2024. FansUnite will retain approximately C$500,000 in net cash to explore new business opportunities. The transaction marks a significant milestone for FansUnite, with CEO Scott Burton expressing gratitude to shareholders and the team for their support throughout the process.

FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) shareholders have approved the sale of FansUnite US Inc. to Hero Group Corp. for US$37.5 million, adjusted on a cash-free, debt-free basis. The transaction is expected to close on August 15, 2024. Following this, the company plans to voluntarily delist from the Toronto Stock Exchange on August 21, 2024. FansUnite will distribute 90% of the net proceeds to shareholders, estimated at C$0.065 to C$0.075 per share. The distribution record date is set for August 26, 2024, with payment expected on August 29, 2024. Only shareholders of record on the delisting date will be eligible for the distribution.

FansUnite Entertainment announced the filing of a management information circular for an upcoming special meeting on August 13, 2024. Shareholders will vote on the proposed sale of its subsidiary, FansUnite US Inc., to Hero Group Corp. and GeoComply Solutions Inc. for US$37.5 million. The company anticipates net proceeds of approximately US$20 million, with 90% to be distributed to shareholders as a return of capital. Additional resolutions include a capital reduction and voluntary delisting from the TSX. The board unanimously supports these resolutions, and a majority shareholder vote is required for approval.

FansUnite Entertainment announced the results of its annual general meeting held on June 28, 2024. A total of 87,277,448 shares, representing 24.27% of the company's outstanding shares, were represented at the meeting.

The number of directors was set at four, with 82.172% voting in favor. Scott Burton, James Keane, Chris Grove, and Quinton Singleton were re-elected as directors, with Singleton receiving the highest support at 96.098%. KPMG LLP was re-appointed as the auditor with 98.244% approval.

Detailed voting results were filed under the company's SEDAR+ profile on July 2, 2024.