SBC News Voice of the Sports Betting Industry
Genius Sports Group has filed a ‘registration statement’ informing the US Securities and Exchange Commission (SEC) of its intention to merge with special purpose acquisition company (SPAC) ‘dMY Technology Group II’ (dMY II).
The SEC filing has been registered by the newly created holding company of ‘Galileo NewCo Ltd’ (NewCo) and confirms the merger approval by both Genius and dMY II shareholders.
Should the merger secure its SEC approval, Genius and dMY II will form a new business entity trading on the New York Stock Exchange (NYSE) under the ticker ‘GENI’.
Last October, Genius accepted a merger proposal by dMY II, a SPAC led by US tech executives Harry You and Niccolo De Masi. Floating dMY II on the NYSE, You and De Masi have secured $300 million in funds to guarantee Genius’ IPO listing.
dMY II has maintained its IPO schedule, and seeks to complete the transaction during first-quarter trading. The SPAC will proceed with listing Genius on the NYSE, targeting a valuation of $1.5 billion.
The statement saw Genius reaffirm its full-year 2020 projections and expects to generate revenue of approximately $145 million and adjusted EBITDA of approximately $14 million.
“Amidst a global pandemic, we have made great progress in 2020 and are on track for sustained strong performance in 2021,” said Mark Locke, Genius Sports Co-Founder and CEO.
“Looking ahead, our anticipated merger with dMY II and NYSE listing will strengthen our position as a true partner to sports leagues, sportsbooks and media groups worldwide.”
