Warrants expiration enhances Inspired Entertainment’s ‘strategic goals’

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December 23 saw B2B gaming content provider Inspired Entertainment’s previously outstanding warrants expire.

Prior to expiration, an aggregate of 14,351,588 warrants were exercised to acquire the company’s common stock, resulting in the issuance of 3,679,015 shares (including 1,027,836 million shares issued pursuant to exercises of private warrants on a cashless basis) and proceeds to Inspired of $30.5m.

Lorne Weil, executive chairman of Inspired, stated: “The aggregate proceeds of $30.5m from the exercise of our warrants demonstrate the progress Inspired has made as a company as well as the confidence of our investors in our business, on a going forward basis. 

“We believe the enhanced financial flexibility we will have going forward as a result of these proceeds will position us well to pursue our strategic goals.”

The expiration of its warrants follows on from Inspired linking with Rush Street Interactive just before Christmas in a framework agreement which will see the content provider supply its interactive games to the US-based operator. 

The partnership between the two companies will see Inspired’s interactive content integrated onto the RSI game platform, with its titles made available in multiple North American jurisdictions, including New Jersey and Michigan, with West Virginia soon to follow. 

Moreover, as part of the deal, RSI will launch with four of Inspired’s titles, including Santa King Megaways and Christmas Cashpots, as well as Big Spin Bonus.

In addition to the above, earlier this year, Okto expanded its network of gaming machines in the UK leisure sector that accept the company’s app for mobile cashless payments as it signed a strategic agreement with Inspired.