SMAAASH Entertainment, Inc. Announces Proposal to Reduce Strike Price and Redemption Threshold of Outstanding Warrants
NEW YORK, Jan. 02, 2019 (GLOBE NEWSWIRE) -- SMAAASH Entertainment Inc. (NASDAQ: SMSH) (the “Company”), announced it has proposed an Amendment to its outstanding warrants. If approved by the requisite number of warrant holders, as required by law, the Amendment would reduce the exercise price of the warrants from $11.50 to $4.00 per share, and reduce the redemption threshold from $21.00 to $7.00 per share, for any 20 trading days within a 30-trading day period.
About SMAAASH Entertainment Inc.:
SMAAASH Entertainment Inc. (NASDAQ:SMSH), (f/k/a I-AM Capital Acquisition Company Co-Founded and led by CEO F. Jacob Cherian and CFO Suhel Kanuga), completed its transaction with SMAAASH Entertainment Pvt. Ltd (“SMAAASH Private”) on November 20, 2018. SMAAASH Private is a global entertainment company offering interactive sports experiences and virtual reality gaming technology. On December 21, 2018, SMAAASH Entertainment Inc. announced it had entered into definitive agreements to combine with NBA Memphis Grizzlies Minority Owner Jed Kaplan’s Simplicity Esports. Simplicity is an established brand in the esports industry with an engaged fan base competing in popular games across different genres, including PUBG, Gears of War, Injustice 2 and NHL 19.
This press release contains statements that constitute “forward-looking statements,”. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s definitive proxy statement filed with the SEC on September 19, 2018, as amended. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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SMAAASH Entertainment, Inc.
Released January 2, 2019