Mer Telemanagement Solutions Ltd. (Nasdaq: MTSL) ("MTS" or the
"Company") today announced the closing of its previously
announced plan to merge with U.S.-based SharpLink, Inc.
(“SharpLink”). The Company has been renamed SharpLink Gaming Ltd.
and will be led by Robert Phythian as Chief Executive Officer. In
addition, immediately prior to the closing of the merger, SharpLink
completed a $6 million private placement with an existing
institutional investor.
In connection with the closing of the merger,
the Company completed a 1-for-2 reverse stock split of its ordinary
shares. Following the merger and the reverse stock split, there
will be approximately 14.8 million ordinary shares issued and
outstanding. Subsequent to the closing of the merger and the
effectiveness of the reverse split, the former SharpLink
shareholders collectively own approximately 86% of the combined
company (on a fully-diluted basis, including a stock option pool
equal to 10% of the Company’s issued and outstanding ordinary
shares on a fully-diluted and as converted basis, and including
ordinary shares underlying the Company’s Preferred A Shares and
Preferred B Shares issued to an institutional investor in SharpLink
in consideration for its SharpLink preferred stock) and prior MTS
shareholders collectively own 14% of the combined company
(including ordinary shares underlying existing warrants and options
issued to MTS’s officers).
Trading in MTS will continue on the Nasdaq
Capital Market under the ticker symbol “MTSL” on a pre-reverse
stock split basis. Nasdaq has approved SharpLink’s listing
application, and SharpLink anticipates commencing trading under the
ticker symbol “SBET” on a post-reverse split basis effective as
early as tomorrow, Wednesday, July 28, 2021.
Phythian stated, “SharpLink’s listing on Nasdaq
will mark a significant milestone for us and one that serves as a
testament to the determination of our team and the support of our
investors. Moreover, the closing of this merger and capital raise
will allow us to accelerate our expansion plans in the rapidly
growing legal U.S. online sports betting market, a market that our
experienced team knows well.”
Morgan Stanley estimates that the online sports
betting and Internet gambling markets will generate over $15
billion in annual revenue in the U.S. alone by 2025, and Macquarie
Research says that same market could be $30 billion by 2030.
According to internal research, an estimated $20 billion has
already been invested in acquisitions and partnerships by gaming
operators, sports leagues and sports media companies as the
industry rapidly expands and prepares for betting growth in the
U.S. Currently, 22 states allow online sports betting, with another
ten states having recently passed new legislation and are expected
to approve the launch of online sports betting soon.
Continuing Phythian added, “With industry
experts predicting that the United States will ultimately grow to
be the largest online sports betting market in the world by 2025,
it is incumbent upon SharpLink to successfully leverage our
powerful C4 Sports Betting Conversion Platform, empowering sports
media publishers and professional sports leagues to transform their
websites into fully-transactional online betting destinations in
states where online sports betting has been legalized. C4 helps
sports entities with large audiences convert passionate sports fans
into new sports bettors; and positions us for multiple revenue
streams including – upon state licensing and platform adoption by
our customers and sportsbooks – the opportunity for a percentage of
the net gaming revenue generated by a bettor introduced through our
intelligent conversion technology.”
Effective as of the closing of the merger, each
member of the Company’s Board of Directors resigned and was
replaced by seven members designated by SharpLink, as follows: Mr.
Phythian, Chris Nicholas, Joseph Housman, Paul Abdo, Thomas
Doering, Adrienne Anderson and Scott Pollei. In addition, the
Company’s officers were replaced by SharpLink’s officers.
Specifically, Phythian was appointed as Chief Executive Officer of
the Company, Nicholas was appointed as Chief Operating Officer of
the Company and Christian Peterson was appointed as the Company’s
Interim Chief Financial Officer.
For more detailed information regarding the
merger and related transactions, the current composition of the
Company’s Board of Directors and details concerning the Company’s
officers, please refer to the series of Form 6-Ks recently filed
with the U.S. Securities Exchange Commission and found at
www.sec.gov.
About SharpLink Gaming Ltd.
Founded in 2019 and based in Minneapolis,
Minnesota, SharpLink is a leading online technology company that
connects sports fans, leagues and sports websites to relevant and
timely sports betting content. SharpLink uses proprietary,
intelligent, online conversion technology to convert sports fans
into sports bettors for licensed, online sportsbook operators.
SharpLink's intelligent C4 Sports Betting Conversion Platform
delivers and determines the best sportsbook betting offers and
experience for each identified user. Using sophisticated,
AI-enabled behavioral modeling and tracking technologies, and by
analyzing user's past and present behaviors, we serve sports fans
with personalized betting offers specifically tied to each fan's
favorite sports, teams and players. Additionally, SharpLink
specializes in helping sports media companies develop strategies,
products and innovative solutions to drive deep customer engagement
with highly interactive sports games and mobile applications.
SharpLink is run by industry veterans with several successful exits
in the sports gaming sector. For more information, please visit the
SharpLink website at www.sharplink.com.
About Mer Telemanagement Solutions
Ltd.
Mer Telemanagement Solutions Ltd. (MTS) is
focused on innovative products and services for enterprises in the
area of telecom expense management (TEM), call accounting and
contact center software. Headquartered in Israel, MTS markets
its solutions through wholly-owned subsidiaries in Israel, the
U.S and Hong Kong, as well as through distribution channels.
For more information, please visit the MTS web
site: https://mtsint.com.
Forward-Looking Statements
This release contains forward-looking statements
that are subject to various risks and uncertainties. Such
statements include statements regarding the expected benefits of
the Company’s merger with SharpLink, Inc., the expected timing of
trading of the Company’s ordinary shares under its new ticker
symbol and to give effect to its 1-for-2 reverse split, the
expected growth in the online betting industry, the Company’s
ability to grow its business, the potential benefits of the
Company’s products, services and technologies and other statements
that are not historical facts, including statements which may be
accompanied by the words “intends,” “may,” “will,” “plans,”
“expects,” “anticipates,” “projects,” “predicts,” “estimates,”
“aims,” “believes,” “hopes,” “potential” or similar words. Actual
results could differ materially from those described in these
forward-looking statements due to certain factors, including
without limitation, the Company's ability to achieve profitable
operations, government regulation of online betting, customer
acceptance of new products and services, the effects of the spread
of Coronavirus (COVID-19) and future measures taken by authorities
in the countries in which we operate on our operations, the demand
for our products and our customers' economic condition, the impact
of competitive products and pricing, the lengthy sales cycle,
proprietary rights of the Company and its competitors, general
economic conditions and other risk factors detailed in the
Company's annual report and other filings with the United States
Securities and Exchange Commission. The Company does not undertake
any responsibility to update the forward-looking statements in this
release.
CONTACT INFORMATION:
SharpLink Gaming Ltd.Dodi Handy, Director of CommunicationsTel:
407-960-4636Email: ir@sharplink.com
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