As CEO of SB Tech, Carter helped to spearhead the US$3.3 billion merger of the interactive sports betting company with DraftKings, a leading digital sports and entertainment company.
Carter, who will act as Bragg’s non-executive chair, will support Bragg’s interim CEO Adam Arviv on building the company’s global strategy, according to a statement.
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“Richard is a recognized authority in the online sport betting industry who was heavily involved in the merger between DraftKings and SB Tech,” Arviv told shareholders in a statement.
“This appointment fits my mission as interim CEO - to build a championship team that will execute on our plans to expand our current market overseas and to aggressively move into the US market. We continue to be focused on recruiting additional top talent.”
Carter told investors he was excited to join Bragg and help make the Toronto-based company a major player in the gaming space.
“2020 has been an unbelievably successful year and we are eager to grow the business in the world’s largest gaming market, the US,” Carter said. “Now is the right time to break into this market, and my priority is to make those connections that will lead to success.”
Oryx commits to managing director
Also in Wednesday’s statement, Bragg said it struck an agreement with KAVO Holdings Limited that will see Matevž Mazij will remain a managing director of Oryx Gaming International and its subsidiaries.
“I am thrilled to remain committed to the company’s people and operations,” said Mazij. “With Adam’s leadership and Richard’s expertise and vitality, I’m enthusiastic about the company’s long-term growth and the continued creation of shareholder value.”
As part of the agreement, the first earn-out payment of €10.55 million in cash, which was otherwise due to KAVO on September 30, 2020 has been extended to January 31, 2021. The second and final earn-out payment owing to KAVO with today’s fair market value of €22M will be converted into common shares of Bragg by January 31, 2021, with the price of conversion being set in the range of $0.68 to $0.71, for between 45.5 million and 47 million shares, subject to certain conditions including the approval of the TSX Venture Exchange.
KAVO will also receive nomination rights to appoint up to two additional nominees to the board. In addition, effective immediately, Matevž Mazij will become an observer to the board.
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