GameSquare Esports Indications Agreement to Acquire Esports Organization Reciprocity
GameSquare Esports, the Canadian Securities Exchange-listed moms and dad business of esports firm Code Red Esports, revealed that it has actually signed an arrangement to completely acquire Canadian esports organization Reciprocity.
According to the arrangement, GameSquare will issue $14.44 M CAD ($11.41 M USD) worth of shares to certain Reciprocity security holders, which will likewise be entitled to get extra GameSquare shares if specific revenue and profit goals are met within 12 months of the acquisition’s closing.
Reciprocity formerly tried to go public and entered into a letter of intent on Feb. 27, 2020, to perform a reverse takeover with TSX Venture Exchange-listed Rainy Hollow Ventures. Soon after in March, Reciprocity founder Chad Larsson revealed that his company will launch all personnel and reduced to just its Crossfire team and co-ownership of League of Legends team Rainbow7.
GameSquare anticipates the offer to close in early March and announced to share further information on the agreement later this month.