Leading electronic table games manufacturer and mobile gaming provider for cruise ships and casino industry, Jackpot Digital Inc (OTCMKTS:JPOTF), on October 8, 2021, announced receiving final approval from the Supreme Court of British Colombia for spinning out online gaming assets to the wholly-owned subsidiary Yo Eleven Gaming Inc.
This will be done through a plan of arrangement pursuant to the district’s Business Corporations Act. According to the terms, Yo Eleven will be issuing eleven common shares for every five Jackpot shares held.
The firm has confirmed on November 1 as the record date for the same and shareholders of Jackpot having common shares on October 28, will be shareholders on the record date and eligible to get Yo Eleven common shares from the Spinout.
The firm has confirmed the Ex-Distribution Date as October 29, 2021, and the Record Date as November 1, 2021.
No part shares of Yo Eleven would be given to shareholders of Jackpot and hence all fractional amounts will be made to the nearest whole number.
Investors are suggested to check the company’s Management Information Circular on its website as well as on SEDAR for detailed information.
Furthermore, the firm will be issuing 124,967 Jackpot common shares at a price of $0.28 per common share, to debenture holders totaling $34,990.96.