Proxy was released Friday evening aftermarket hours.
-First thing I want to bring up is in the Background section regarding this acquisition it has detailed dates and reporting on how this came to be and it started in APRIL of 2021!!!!!!
-Total Aggregate Purchase Price of MeridianBet is $331,428,571 of which:
*$30 million at closing ($10 million cash on hand and seller may agree to use $20 million cash on hand post closing)
*Issuing of 82,141,857 shares at $3.00 per share ($246,425,571) this price per share is locked in
*$5 million and 5 million shares at $3.00 per share ($15 million) on the 5th day after the 6 month anniversary of the closing
*$10 million in cash due within 12 months after closing
*$10 million in cash due within 18 months after closing
*$15 million promissory note @ 7% due in full 24 months after closing. (this is great rate in this market)
-Pro Forma Combined Financial per 9 months ending June 2023
*Gross Revenues $102,076,465
*$102,076,465/ 9 months = $11,341,829 per month
*$11,341,829 x 12 months = $136,101,948 estimated 12 month total
*Earnings per share for 2023 should report positive due to net income positive.
-updated share structure post closing
*Current outstanding shares = 36,162,932
*shares issued of 82,141,857
*Total updated outstanding shares = 118,304,789 with authorized shares of 250,000,000.
If we were trading @ $3.00 per share post closing than market cap would be $354,914,367. This would be only 2.60x estimated annual revenues of what I believe is still a growing combined business post closing.
I am very happy with the amount of due diligence that was done by GMGI in this acquisition and feel that as a shareholder I will see great returns moving forward as I continue to load under $3 per share.
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