MGT Capital Investments announced that its wholly owned subsidiary, MGT Sports, has reached an agreement to acquire a controlling interest in FanTD LLC, marking the company's initial venture in the online and mobile gaming and wagering space. As reported in the company's Annual Report Form 10-K dated March 29, for the period ending December 31, 2012, MGT has a debt-free balance sheet with approximately $5.5M of cash; as of April 16, MGT has 4.5M common shares outstanding, plus 172,517 preferred shares. Subject to customary closing conditions, including NYSE MKT approval, the company expects to issue 627,500 shares of restricted common stock plus $200,000 in cash to acquire a 65% ownership interest in FanTD LLC. Closing is expected within two weeks.
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- wholly owned subsidiary