- X1 Esports and Entertainment (XONE) has signed an asset-purchase agreement (APA) to acquire ShiftRLE
- ShiftRLE is an online news outlet focused on the popular video game, Rocket League
- X1 will acquire 100 per cent of the assets made up of ShiftRLE and have the benefit of ongoing services by the key personnel of ShiftRLE
- This acquisition will be for an aggregate price of (i) US$50,000 cash; (ii) 333,333 common shares in the capital of X1, and an earn-out
- X1 Esports and Entertainment is a video game and media portfolio company which owns and operates a growing esports franchise, RixGG
- X1 Esports and Entertainment Ltd. was up 5.71 per cent, trading at C$0.37
X1 Esports and Entertainment (XONE) has signed a purchase agreement (APA) to acquire ShiftRLE.
ShiftRLE is an online news outlet focused on the popular video game, Rocket League.
According to Active Player, Rocket League is one of the world’s leading esports, with global averages of 80 million players per month.
“Adding ShiftRLE to the X1 portfolio will be an excellent addition, which will not only help us to deliver on our core strategic priorities of building a diverse video game ecosystem and providing global brands access to a GenZ audience, but will strengthen X1’s position in video games media,” said Mark Elfenbein, CEO of X1.
“We are thrilled to become a part of the X1 family moving forward as they see the potential we have in the growth of Rocket League as an Esport,” said Jalen Jones, a co-founder of ShiftRLE.“
The finalization of the proposed acquisition is subject to the fulfilment of or waiver of closing conditions under the APA, including X1 entering into consulting agreements with key persons at ShiftRLE.
In line with the terms of the APA, X1 will acquire 100 per cent of the assets made up of ShiftRLE and have the benefit of ongoing services by the key personnel of ShiftRLE.
This acquisition will be for an aggregate price of US$50,000 cash, 333,333 common shares in the capital of X1 with a deemed issue price of C$0.45 per common share, and a 7 per cent share of gross revenues ShiftRLE earns in the first 36 months following closing to a maximum of US$250,000.
X1 Esports and Entertainment is a video game and media portfolio company which owns and operates a growing esports franchise, RixGG.
X1 Esports and Entertainment Ltd. was up 5.71 per cent, trading at C$0.37.
