Interactive
Canada – Former SB Tech Chief Richard Carter to join Bragg Gaming
By Lewis - 5 October 2020
Bragg Gaming has announced that former SB Tech CEO Richard Carter has been appointed to the Board of Directors as the Non-executive Chair.
Mr. Carter will advise and provide support to Chief Executive Officer Adam Arviv on developing a global strategy focused on partnerships with brands, continued growth of their organic business and consideration of all accretive M&A opportunities.
“Richard is a recognised authority in the online sport betting industry who was heavily involved in the merger between DraftKings and SB Tech,” noted Adam Arviv, Interim CEO of Bragg Gaming Group.
“This appointment fits my mission as Interim CEO – to build a championship team that will execute on our plans to expand our current market overseas and to aggressively move into the U.S. market. We continue to be focused on recruiting additional top talent.”
Mr. Carter held the role of CEO of interactive sports betting solutions and services provider SB Tech for the past five years, until the company’s merger with digital sports entertainment and gaming company DraftKings through a three-way deal with Diamond Eagle Acquisition Corp in April 2020.
The transaction was valued at US $3.3bn and the combined entity has a current market cap of US $20bn. SB Tech is the gaming engine behind DraftKings and transformed DraftKings from a daily fantasy site into the digital sports entertainment and gaming company that it is today.
“I’m excited to join Adam’s mission to make Bragg a major player in the gaming space,” Mr. Carter responded. “2020 has been an unbelievably successful year and we are eager to grow the business in the world’s largest gaming market, the U.S. Now is the right time to break into this market, and my priority is to make those connections that will lead to success.”
The current Board Chair of Bragg will now serve on the Board as the Vice-chair and Lead Director.
The Company also announced that Matevž Mazij will remain a Managing Director of Oryx Gaming International and its subsidiaries. The Amending Agreement provides that, among other things, the first earn-out payment of €10.55m in cash, which was otherwise due to the Oryx Vendor on September 30, 2020 has been extended to January 31, 2021.
The second and final earn-out payment owing to the Oryx Vendor with today’s fair market value of €22m will be converted into common shares of the Company by January 31, 2021, with the price of conversion being set in the range of $.68-$.71, for 45.5m – 47m shares, subject to certain conditions, including the approval of the TSX Venture Exchange.
“I am thrilled to remain committed to the company’s people and operations,” said Mr. Mazij. “With Adam’s leadership and Richard’s expertise and vitality, I’m enthusiastic about the Company’s long-term growth and the continued creation of shareholder value.”
Pursuant to an investor rights agreement to be executed by the Company and the Oryx Vendor upon the satisfaction of certain conditions, the Oryx Vendor will receive nomination rights to appoint up to two additional nominees to the Board. In addition, effective immediately, Matevž Mazij will become an observer to the Board.
