Australia's Emerge Gaming plunges on selling majority revenue generator unit

Streamplay Studio

09/03/2022 01:02

** Shares of Emerge Gaming  EM1.AX  fall as much as 28% to
A$0.018, their lowest since June 29, 2020
    ** The online e-sports operator says https://www.asx.com.au/asxpdf/20220309/pdf/456v8319d2r4xf.pdf
 it entered agreement to divest its Miggster unit - a gaming
platform for e-sports - for A$5 mln ($3.64 mln)
    ** Miggester generated revenue of A$10.6 mln in fiscal 2021
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02415209-6A1048040?access_token=83ff96335c2d45a094df02a206a39ff4,
 about 98% of EM1's total revenue
    ** Terminates marketing deals with Influence Crowd
Technologies and Crowd1
    ** EM1 marks its worst intraday pct drop since Dec. 9, 2020
    ** About 8.5 mln shares change hands, vs the 30-day average
of 4.3 mln shares
    ** EM1 flat this year as of last close


($1 = 1.3755 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))