Blok Sports, LLC entered into a letter of intent to acquire iPowow USA Inc. and Operating Assets of Sparx Technology Inc. from Sparx Technology Inc. (TSXV:SPRX) on January 7, 2024. As consideration for the Sale Transaction, Sparx is expected to receive approximately 14% of Blok outstanding common units on a post-transaction basis, which is subject to increase upon the satisfaction of certain revenue related criteria. The Sale Transaction is subject to a number of conditions, including: (i) completion of a $500,000 financing by Blok; (ii) the receipt by Sparx of an independent fairness opinion in respect of the aggregate consideration (including the debt assumptions) to be received by Sparx in the Sale Transaction; and (iii) all necessary regulatory, creditor and shareholders approvals.
As of March 26, 2024, Blok Sports, LLC entered into a definitive share purchase agreement to acquire iPowow USA Inc. and Operating Assets of Sparx Technology Inc. from Sparx Technology Inc. (TSXV:SPRX).