I-AM Capital Acquisition Company Announces Closing of Transaction with SMAAASH Entertainment, a fast-growing global virtual r...
November 21 2018 - 2:00PM
Smaaash Entertainment Inc. (f/k/a I-AM Capital Acquisition Company)
(NASDAQ:IAM) (the “Company”), today announced that it has
successfully consummated its previously announced transaction with
SMAAASH Entertainment Private Limited (“SMAAASH”), a global virtual
reality gaming and sports entertainment company. As part of the
transaction, the Company changed its name to “SMAAASH Entertainment
Inc.” As a result, the Company expects that its shares of common
stock and warrants will continue trading on the NASDAQ Capital
Market under the new ticker symbols “SMSH” and “SMSHW”,
respectively, on or shortly after November 23, 2018.
In connection with the consummation of the
transaction, approximately 740,000 shares of the Company’s common
stock representing $7.5 million elected not to redeem their
shares. Immediately after the closing, the Company has
approximately 5.1 million shares and 5.4 million warrants
outstanding, with each warrant exercisable for one share of common
stock at an exercise price of $11.50 per share. Further details
about the Company, Smaaash and the transaction will be included in
the Company’s Form 8-K that will be filed with the SEC by November
27, 2018.
Chardan served as M&A advisor to the parties
in the transaction.
Ellenoff Grossman & Schole LLP served as
legal counsel to the Company.
About Smaaash Entertainment
Inc.:
I-AM Capital, Co-Founded and led by CEO F. Jacob
Cherian and CFO Suhel Kanuga, was a blank check company, also
commonly referred to as a Special Purpose Acquisition Company, or
SPAC, formed for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses or entities. The
Company raised $52.7 million in its August 2017 initial public
offering.
About SMAAASH Entertainment Pvt.
Ltd.:
SMAAASH is a global entertainment company
offering interactive sports experiences and virtual reality gaming
technology, headquartered in Mumbai India. SMAAASH is founded by
Shripal Morakhia, a visionary Indian entrepreneur. SMAAASH
presently operates world-class entertainment centers across 39
locations in India, and one international center in the U.S.
SMAAASH’s core concept is to offer an interactive, immersive and
fun experience to customers at its centers, blending Augmented
Reality and Virtual Reality and other games, indoor sports
simulation entertainment, and attractive food and beverage options,
customized to the tastes and preferences of a diverse set of
customers across age groups, genders and backgrounds, including
corporate customers, families, friends and children. More
information about SMAAASH can be found on www.smaaash.in and
www.smaaashusa.com.
FORWARD-LOOKING STATEMENTS
This press release contains statements that
constitute “forward-looking statements,” including the ability to
meet NASDAQ’s continuing listing requirements. Forward-looking
statements are subject to numerous conditions, many of which are
beyond the control of the Company, including those set forth in the
Risk Factors section of the Company’s definitive proxy statement
filed with the SEC on September 19, 2018, as amended. Copies are
available on the SEC’s website, www.sec.gov. The Company undertakes
no obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
CONTACT:
Smaaash Entertainment Inc.
roman@smaaashinc.com
386 479 9091
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