Kings Entertainment has completed the acquisition of Braight AI, with the gaming provider now holding 100 per cent of issued and outstanding shares of the private company.
Before the closing of the arms-length transaction, Braight AI also completed the acquisition of all of the issued and outstanding capital of Epeer Spółka Z Ograniczoną Odpowiedzialnością, a limited liability company existing under the laws of Poland.
Braight AI, through Epeer, provides AI big data analytics solutions to businesses, helping them make informed decisions by extracting actionable information from data. The company has two tailored AI solutions – AI Risk and AI Marketing.
In connection with the closing and under o the terms and conditions of a share exchange agreement, Kings Entertainment issued an aggregate of 59,289,392 common shares in the capital of the company to the shareholders of Braight AI at a deemed value of $0.185 per payment share.
Pursuant to applicable securities laws, there is no holding period for the payment shares, but holders have agreed to include a voluntary hold period for 50 per cent of the shares, as requested by the Canadian Securities Exchange, which will expire on November 14, 2023.
Completing the transaction that was initially announced last month, Kings Entertainment, the parent company of LottoKings and WinTrillions, plans to utilise Braight AI’s technology to boost user verification processes, as well as explore how the technology can assist its lotto and gaming platforms.
In connection with the transaction, Kings Entertainment has issued 6,846,350 common shares to an arm’s length finder at a deemed value of $0.185 per Finder’s Share, subject to a statutory hold period of four months and one day in accordance with applicable securities legislation, ending on November 15, 2023.
Upon closing, Jakub Bąbelek and Hanna Chaban have been appointed to Kings Entertainment’s board of directors, while Anthony Zelen has resigned as a Director.