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New Wave Esports Announces Share Consolidation and Name Change

TORONTO , May 5, 2020 /CNW/ - New Wave Esports Corp. (the "Company" or "New Wave") (NWES.CN) announces that it intends to consolidate its common shares on a three (3) for one (1) basis (the "Consolidation"). The Company currently has 90,105,921 common shares issued and outstanding. Following the Consolidation, the Company will have approximately 30,035,307 common shares issued and outstanding prior to rounding for fractional shares.  Completion of the Consolidation is subject to approval by the Canadian Securities Exchange. Concurrently, the Company will be changing its name to "New Wave Holdings Corp." (the "Name Change") and will be changing its trading symbol from NWES to SPOR.

Upon completion of the Consolidation and the Name Change, a letter of transmittal will be sent by mail to registered shareholders advising that the Consolidation and Name Change have taken effect. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates or DRS statements evidencing their pre-consolidated common shares for new share certificates or new DRS statements representing the number of post-Consolidation common shares to which they are entitled. No action is required by non-registered shareholders (shareholders who hold their shares through an intermediary) to effect the Consolidation.

The Company's common shares are expected to begin trading on a post-Consolidation basis on the CSE on May 8, 2020 .

The Consolidation was approved by the board of directors of the Company.

About New Wave Esports Corp.

New Wave Esports is an esports and competitive gaming company that provides capital and support services to esports organizations, teams, leagues, events, platforms, tools, and technology innovators.

New Wave Esports has leadership teams located in Toronto, Ontario and Los Angeles, California .

For more company information and contact details, visit http://newwaveesports.com  

HIGHLIGHTS OF THE NEW WAVE ESPORTS PORTFOLIO:

  • Avatar One Esports Capital Corp.: An esports acquisition vehicle, Avatar has invested in Real Time Games Holdings Limited, owners and operators of Luckbox. Luckbox is an esports wage betting platform (minority stake investment at a $1M valuation).

  • Even Matchup Gaming: Events company bringing esports to the masses through over 80 annual events (minority investment).

  • PlayLine: Daily fantasy sports betting platform, co-founded by UFC middleweight champion Michael Bisping , with two-time NBA All-Star Roy Hibbert as their Investor/Strategic Partnerships Manager (minority stake investment at a $4M valuation).

  • Talon Esports: Professional esports team operator in Asia providing a supportive platform to elevate its players to compete at the highest levels in triple-A gaming titles (minority stake investment at a $4M valuation).

  • Thunderbolt CDG: Software applications and technology development company that has provided services for 40+ startup companies (wholly-owned subsidiary).

  • Tiidal Gaming: Esports organization that owns and operates Canada's premier esports team Lazarus, one of the highest-grossing teams in the world (minority stake investment at an $8M valuation).


SOURCE New Wave Esports


Cision

View original content: http://www.newswire.ca/en/releases/archive/May2020/05/c9890.html