News/Press

The Spinout: Jackpot Digital and Yo Eleven Announce Closing of Arrangement

Jackpot Digital Inc. (“Jackpot”), a company listed on the TSX Venture Exchange, the OTCQB, and the Frankfurt and Berlin stock exchanges, completed a plan of arrangement pursuant to the British Columbia Business Corporations Act involving the transfer or spinout of its online gaming assets (the “Spinout”) to its wholly owned subsidiary Yo Eleven Gaming Inc. (“Yo Eleven”).

Jake Kalpakian, CEO for Jackpot and Yo Eleven, stated, “With the completion of the Spinout, we have simplified and strengthened the Jackpot brand and are actively positioning both organizations for strategic growth in their respective arenas.”

In accordance with the terms of the Spinout, as consideration for the transfer by Jackpot of its online gaming assets, Yo Eleven issued to Jackpot shareholders of record on November 1, 2021, one (1) Yo Eleven common share for every five (5) Jackpot common shares held. Prior to the effective date of the share distribution, the Spinout was approved by Jackpot’s shareholders, the Supreme Court of British Columbia and the TSX Venture Exchange.

As a result of the Spinout, Yo Eleven became a reporting issuer under the securities laws of British Columbia. Yo Eleven intends to raise capital, acquire additional online gaming assets and apply for listing on a stock exchange in Canada. Jackpot will continue to focus on its revenue-producing business of the manufacture and sale of electronic gaming tables to cruise lines and land-based casinos.

Counsel, Claudia Losie acted as securities law counsel to Jackpot Digital Inc. Read more on Claudia’s bio and professional activity: here.