Artemis Strategic Investment today in an 8-K filing disclosed several changes to its merger agreement with gametech company Novibet.
The SPAC cut the closing consideration from $625 million to $500 million, but with the proviso that if redemptions hit 85% or more, Novibet would get additional share consideration of $125 million. Artemis also clipped the amount of cash required to be available to Novibet at closing from $50 million (after any redemptions) to $12.5 million.
In addition, the SPAC released the post-closing lockup on 30% of shares, and agreed to allow Novibet to pay a pre-closing dividend to parent company Komisium in the amount of approximately $3.6 million, which was declared prior to March 30 but has not yet been paid, Artemis said in the filing.
Novibet is a game-tech operator that offers iGaming and online sports betting.
Pro forma for the transaction, the implied enterprise valuation is approximately $696 million (assuming no redemptions). The deal includes the SPAC’s approximately $205 million of cash-in-trust (again, less any redemptions). Read more.
