B2B online gaming supplier Bragg Gaming, in its Q4 revenue report, announced it has formed a special committee to consider the company’s future, including the potential for a sale.
In a release that reported decreases in revenue, gross profit and adjusted EBITDA for the fourth quarter, Bragg included a “Review of Strategic Alternatives,” which read:
“The Board of Directors confirms that it has formed an ad hoc special committee, chaired by independent board member Don Robertson, to undertake a review of the company’s strategic alternatives. The special committee has been appointed to consider and explore strategic alternatives, which may include the sale of the company or of its assets, a merger, financing, further acquisitions, or other strategic alternatives. No timetable to complete the strategic review process has been established, nor have any decisions been made relating to strategic alternatives at this time.
“There can be no assurances that any transaction will be completed.
The company will not be providing further comment on the status of the strategic review process at this time and intends to provide further updates as circumstances warrant and in accordance with applicable securities laws. While the strategic review process is ongoing, the company’s management remains committed to executing the company’s strategy and business plan with the full support of the board.”
A potential sale would be the latest in a series of M&A activities in the iGaming sector, including Fanatics’ acquisition of PointBet’s U.S. asset, DraftKings’ acquisition of Golden Nugget Online Gambling, and the announcement by Rush Street Interactive, parent company of BetRivers and PlaySugarHouse, that it is considering a sale.
