Brief: Black Ridge Acquisition And Ourgame International Announce Merger Agreement To Form Allied Esports Entertainment

Broad Capital Acquisition

19/12/2018 22:09

Dec 19 (Reuters) - Black Ridge Acquisition Corp  BRACU.O :
    * BLACK RIDGE ACQUISITION CORP AND OURGAME INTERNATIONAL
ANNOUNCE
MERGER AGREEMENT TO FORM ALLIED ESPORTS ENTERTAINMENT
    * BLACK RIDGE ACQUISITION CORP - BLACK RIDGE WILL ISSUE
APPROXIMATELY 11.6 MILLION SHARES, WITH A VALUE OF $118 MILLION,
TO OURGAME
    * BLACK RIDGE ACQUISITION CORP - TRANSACTION REFLECTS AN
ANTICIPATED INITIAL ENTERPRISE VALUE OF APPROXIMATELY $213.8
MILLION
    * BLACK RIDGE ACQUISITION CORP - LYLE BERMAN, DIRECTOR OF
BLACK
RIDGE, IS EXPECTED TO BE CHAIRMAN OF BOARD OF AESE UPON CLOSING
OF TRANSACTION
    * BLACK RIDGE ACQUISITION CORP - WILL HAVE $98.7 MILLION IN
CASH
ON BALANCE SHEET AFTER TRANSACTION COSTS AND PAYMENT OF $35
MILLION FOR DEBT OWED TO OURGAME
    * BLACK RIDGE ACQUISITION CORP - WILL HAVE ZERO DEBT AT
CLOSING.
    * BLACK RIDGE ACQUISITION CORP - AESE IS EXPECTED TO BE LED
BY
FRANK NG, CHIEF EXECUTIVE OFFICER; KEN DECUBELLIS, CHIEF
FINANCIAL OFFICER
    * BLACK RIDGE - IN DEAL, CO TO ALSO ISSUE OURGAME INVESTOR
GROUP
WARRANTS TO BUY 3.8 MILLION SHARES OF BLACK RIDGE STOCK AT PRICE
PER SHARE OF $11.50
    * BLACK RIDGE ACQUISITION - JUD HANNIGAN WILL CONTINUE HIS
ROLE AS
CEO OF ALLIED ESPORTS & ADAM PLISKA WILL CONTINUE TO SERVE AS
PRESIDENT AND CEO OF WPT
    * BLACK RIDGE -AT CLOSE,COMBINED CO WILL BE RENAMED ALLIED
ESPORTS
ENTERTAINMENT & EXPECTED TO TRADE ON NASDAQ CAPITAL MARKET UNDER
TICKER SYMBOL "AESE"

Source text for Eikon:  ID:nBw6krtN3a 
Further company coverage:  BRACU.O 

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