Animoca Brands Corporation Ltd has agreed to receive iCandy Interactive Ltd (ASX:ACI) shares as settlement for the outstanding consideration from its 2017 acquisition of the game portfolio of Animoca.
More than 30.208 million shares in iCandy will be issued to Animoca Brands with an issue price of 2.06 cents each, increasing Animoca’s shareholding in iCandy from 7.9% to 15.5%.
The two companies have agreed to work closely together at an operational level on the game portfolio as well as to explore other collaboration opportunities in the future.
iCandy chairman Kin W Lau said: “Animoca Brands has been extremely supportive to iCandy and its election to receive iCandy shares for the outstanding consideration.”
Although iCandy acquired the ownership and legal rights of the game portfolio from Animoca Brands, there were outstanding technical matters in the handover process such as software source coding of some games which had not been transferred.
As a result, Animoca Brands agreed to extend the settlement date for the remaining cash consideration, maintenance fee and migration fee.
Development and publishing of mobile games
ICI is an Australian company that is focused on the development and publishing of mobile games and digital entertainment for a global audience.
It runs a portfolio of mobile games that have been played by more than 350 million mobile gamers worldwide and has won multiple awards in various coveted international events.