Artemis Strategic (ARTE) Amends Novibet Deal
by Marlena Haddad on 2022-09-09 at 10:11am

Artemis Strategic Investment Corp. (NASDAQ:ARTE) announced this morning that it has made several changes to its business combination agreement in connection to its proposed merger with global gaming company Logflex MT Holding Limited, doing business as Novibet.

On September 2, Artemis reduced the value of the closing consideration payable to Novibet from $625 million to $500 million. If redemptions are equal to or exceed 85% of the SPAC’s total public shares outstanding, then Novibet will be issued additional shares valued at $125 million.

The parties also reduced the minimum cash closing required to be available to Novibet. Artemis was originally required to hold $50 million in gross cash after payment to redeeming stockholders, but that has since been lowered to just $12.5 million in net cash after payment to redeeming stockholders and expenses.

Furthermore, Artemis and Novibet have also amended the earn-out structure and lockup agreement. In terms of the earn-out structure, it has been altered from a single tranche of earnout shares payable if a stock price target is met to dual tranches if certain operating targets based on net gaming revenue are met. The post-closing lockup on 30% of the ordinary shares to be issued to Novibet will be released.

The final amendment the parties made requires Novibet to pay a pre-closing dividend to its sole equity holder Komisium. The gaming company will have to pay €3,579,625, or $3,596,734.38, which was declared prior to March 30, 2022, but has not yet been paid or distributed. At Komisium’s election, the dividend may be paid through a non-interest bearing note with a maturity date as of the one year anniversary of the distribution date.

Artemis is financing the deal with $205 million from its current trust and is not currently incorporating a PIPE.

The SPAC initially announced the $696 million deal with Novibet earlier this year on March 30, 2022. The UK-based firm currently operates iGaming and online sports betting across four regulated European markets: Greece, Ireland, Italy, and Malta.

 

 

Artemis Strategic (ARTE) Amends Novibet Deal
Recent Posts
by Kristi Marvin on 2025-07-05 at 10:02am

Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...

by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2025-07-03 at 8:27am

At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...

by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved