Super Group SPAC merger approved by shareholders with public trading to begin on Nasdaq on 28 January
A Form F-4 registration statement submitted by Super Group to the SEC earlier this month said the business expects to register a total of 563.8m shares at a maximum price of $10 per share, giving the business a maximum aggregate offering price of $5.64bn.
SEAH shareholders today voted to approve the proposed combination, which is expected to generate around $202m from SEAH trust proceeds, reflecting some 45% of publicly held shares in the SPAC that were not submitted for redemption.
A previously stated condition of closing for the deal dictated that SEAH would hold no less than $300m in cash at the time of the merger. A large proportion of SEAH shareholders opted to redeem their shares, which reduced the SPAC’s available cash to $202m.Super Group has therefore waived the minimum cash condition, and SEAH expects all closing conditions to be met as a result. After the merger closes, the combined company will be known as Super Group (SGHC) Limited and its ordinary shares and public warrants are expected to trade on the NYSE under the ticker symbols SGHC and SGHC WS respectively.
Super Group’s latest financial statement, covering H1 2021, showed the business generated NGR of $762.6m, with NGR forecasts for the full year in excess of $1.5bn. The operator said it expected more than $350m in EBITDA from this figure.
During full-year 2020, Super Group generated €908m in revenue.
Super Group is the holding company behind sports betting brand Betway and Spin, a multi-brand online casino offering.