- Sparx Technology (TSXV:SPRX.H) has revealed it has completed the sale of its U.S. operating subsidiary, iPowow USA to Blok Sports
- The companies previously entered into a share purchase agreement effective March 26 of this year
- The company’s subsidiary, Sparx Technology Corp, transferred all of its operating assets and material contracts to iPowow
- Shares of Sparx Technology are unchanged at C$0.005
Sparx Technology (TSXV:SPRX.H) has revealed it has completed the sale of its U.S. operating subsidiary iPowow USA to Blok Sports.
The company’s subsidiary, Sparx Technology, transferred all of its operating assets to iPowow and an aggregate of C$1.375 million of consolidated indebtedness of Sparx was also extinguished.
As of the closing of the transaction, Sparx Technology has no operating assets.
In consideration of the transaction, Sparx received 721,587 common units of Blok representing roughly 4.5 per cent of the Blok shares issued and outstanding on a post-transaction basis.
Blok is an early-stage, venture backed technology company founded in 2019.
Blok’s core offering is a regulated decentralized sports betting exchange developed using next-generation blockchain technology.
Sparx Technology is an interactive media technology company whose principal activities are providing media companies and sports teams with technologies to engage audiences.
Shares of Sparx Technology are unchanged at C$0.005.
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