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Animoca Brands shares surge following Football-Stars acquisition and capital raising

The capital raise will allow Animoca to fast track the development and promotion of upcoming games and NFT launches.

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The acquisition of Stryking is highly complementary to Animoca and its projects

Animoca Brands Corporation Ltd’s (ASX:AB1) shares are trading about 7% higher intra-day following its move to acquire the creator of popular fantasy sports game Football-Stars.

READ: Animoca Brands to acquire Football-Stars creator, bags $4.6 million at a premium

The company has entered into a binding term sheet to acquire 100% of Stryking Entertainment for an upfront consideration of €1 million (about $1.58 million) payable in shares.

Animoca has also completed a heavily oversubscribed strategic capital raise of $4.6 million at a 4.2% premium from international blockchain investors, Australian institutional investors and existing shareholders.

The capital raise will allow Animoca to take advantage of multiple business opportunities and to fast track development and promotion of upcoming games and NFT (non-fungible token) launches.

Strategic rationale

The acquisition of Stryking is highly complementary to Animoca and its projects.

Stryking has a highly experienced management team of serial entrepreneurs in the fields of games and finance.

Football-Stars is a game that aligns strongly with Animoca’s own blockchain and NFT strategy, with an upcoming game update that will offer NFTs based on real football players and clubs.

Importantly, the acquisition adds to Animoca’s licencing arrangements with major international sports brands, which also include Formula 1® and Major League Baseball.

Quick facts: Animoca Brands Corporation Ltd

Price: - AUD

Market: ASX
Market Cap: -

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