Blank check company Games & Esports Experience Acquisition Corp. (GEEX) has closed its public offering of 20m units listed on NASDAQ.
According to the release, the closure resulted in an upsized $200m (~£151m) initial public offering.
GEEX was co-founded in 2021 by Immortals Gaming Club’s CEO and Managing Director, Ari Segal and Tomi Kovanen, respectively. The firm, which is also referred to as a special purpose acquisition company (SPAC), began trading on December 2nd under the name GEEXU.
At a price of $10 (~£7.56) per unit, each stock consists of one Class A ordinary GEEX share and one-half of one redeemable warrant. Each whole warrant is exercisable to purchase one Class A ordinary share at a price of $11.50 (~£8.69) per share.
GEEX was formed to carry out a variety of business operations such as share exchanges and purchases, mergers, acquisitions and reorganisations.
The blank check company intends to focus its operations on esports and gaming sectors, or within industries with similar user characteristics or demographics. This includes ecommerce, content, sports, entertainment and social media.
As its next step, GEEX also proclaimed its intention to merge with Gamers Club Holdings, a Brazilian gaming subscription platform owned by Immortals Gaming Club. However, the company will not reportedly complete an ‘initial business combination’ Gamers Club only.
Esports Insider says: According to its website, GEEX was formed to solve fundamental ecosystem problems in the esports industry and improve the user experience in competitive gaming. It will be interesting to see what the company’s next steps towards this goal will be once it secures enough investments.