Update on the sale of game portfolio to iCandy (ICI)
Animoca Brands agrees to receive shares of iCandy Interactive Limited (ASX:ICI) as settlement for all outstanding consideration for the 2017 acquisition of the game portfolio of Animoca Brands
A total 30,208,415 new shares in iCandy will be issued to Animoca Brands with an issue price of A$0.0206 each (15-days VWAP)
Animoca Brands’ shareholding in iCandy will increase from 7.9% to 15.5% of total shares
Animoca Brands and iCandy agree to work closely together on future collaboration opportunities
4 June 2020: Animoca Brands Corporation Limited (“Animoca Brands”) and iCandy Interactive Limited (ASX: ICI) (“iCandy”) are pleased to provide an update on the status of the acquisition of Animoca Brands’ casual game portfolio by iCandy, which was originally announced on 15 November 2017.
As previously announced on 11 April 2019, although iCandy acquired the ownership and legal rights of the game portfolio from Animoca Brands, there were outstanding technical matters in the operational handover process in which certain software source code of some mobile games of lesser importance had not been transferred from Animoca Brands to iCandy. As a result, Animoca Brands agreed to extend the settlement date for the Remaining Cash Consideration, Maintenance Fee and Migration Fee.
The above mentioned technical matters have now been fully resolved. As at the date of this announcement, the outstanding consideration payable to Animoca Brands is A$622,293.34 (the “Outstanding Consideration”).
Following the completion of the operational handover, iCandy and Animoca Brands have mutually agreed that the Outstanding Consideration will be paid via the issuance to Animoca Brands of new iCandy shares. The issue price of the new iCandy shares shall be A$0.0206, being the volume weighted average price of iCandy shares for the 15 days ended 25 May 2020.
As such, a total of 30,208,415 new iCandy shares shall be issued to Animoca Brands, increasing Animoca Brands’ stake in iCandy from 7.9% to 15.5% of total shares on issue.
Additionally, the management of Animoca Brands and iCandy have agreed to work closely together on an operational level on the acquired game portfolio and to explore other collaboration opportunities in the future.
“Animoca Brands has been extremely supportive to iCandy, and its election to receive iCandy shares for the outstanding consideration for the acquired game portfolio is a show of confidence in the prospects of iCandy,” commented Kin W. Lau , Chairman of iCandy.
This announcement has been authorized by the Board.
About iCandy Interactive
iCandy Interactive Limited (ASX: ICI) is an Australian publicly traded company that has its core business in the development and publishing of mobile games and digital entertainment for a global audience. iCandy Interactive runs a portfolio of mobile games that have been played by over 350 million mobile gamers worldwide and has won multiple awards in various coveted international events. For more information visit www.icandy.io.
For more information, please contact email@example.com.
About Animoca Brands
Animoca Brands leverages gamification, blockchain, and artificial intelligence technologies to develop and publish a broad portfolio of mobile products including games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes as well as products based on popular intellectual properties such as Formula 1®, Garfield, Snoopy, Thomas & Friends™, Ever After High and Doraemon. Animoca Brands’ portfolio of blockchain investments and partnerships includes Lucid Sight, Dapper Labs (creators of CryptoKitties), WAX, Harmony, and Decentraland. The Company is based in Hong Kong, Canada, Finland, and Argentina. For more information visit www.animocabrands.com or get updates by following Animoca Brands on Facebook or Twitter.