{"id":234990,"date":"2022-09-30T11:33:05","date_gmt":"2022-09-30T16:33:05","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=234990"},"modified":"2022-09-30T16:03:50","modified_gmt":"2022-09-30T21:03:50","slug":"tekkorp-digital-needs-more-time-to-find-business-combination","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/tekkorp-digital-needs-more-time-to-find-business-combination\/","title":{"rendered":"Tekkorp Asking Investors for Extension as it Scrambles to Enter Illinois"},"content":{"rendered":"

Special purpose acquisition company (SPAC) Tekkorp Digital Acquisition (NASDAQ: TEKK) is asking investors to vote in favor of an extension proposal at an upcoming shareholder meeting. That action would give the blank-check firm more time to complete a business combination.<\/p>\n

\"Tekkorp\"
Tekkorp Capital CEO Matt Davey. A SPAC controlled by the company is asking investors for an extension to find a business combination. (Image: YouTube)<\/figcaption><\/figure>\n

The Las Vegas-based SPAC went public two years ago.<\/a>\u00a0 That’s the time frame in which blank-check companies have to find merger partners or face liquidation, unless investors sign off on an extension. Tekkorp Digital raised about $300 million in its initial public offering (IPO).<\/p>\n

The purpose of the Extension Proposal and, if necessary, the Adjournment Proposal, is to allow us additional time to complete our initial business combination,\u201d<\/strong> according to a Schedule 14A filing with the Securities and Exchange Commission (SEC).<\/p><\/blockquote>\n

Reports surfaced last December<\/a> that Tekkorp was in talks to merge with Caliente Interactive in a transaction said to be worth $2.5 billion. In July, Playtech — the parent company of Caliente Interactive — pulled the plug on the deal, citing deteriorating capital market conditions.<\/p>\n

Tekkorp Still Talking with Caliente Interactive<\/h2>\n

In the SEC filing, Tekkorp acknowledges that it\u2019s still in discussions with Playtech regarding a potential combination with the Caliplay unit, a Mexican sportsbook operator. The SPAC cautions these talks don’t center around the originally planned reverse merger.<\/p>\n

We are continuing to evaluate business combination opportunities, including alternative opportunities with Caliente, Caliplay and Playtech. While we continue to evaluate and discuss business combination opportunities, our board of directors currently believes that there will not be sufficient time before Oct. 26, 2022 to complete our initial business combination,\u201d according to the regulatory document.<\/p><\/blockquote>\n

Suppose investors don\u2019t approve the extension at the Oct. 13 shareholder meeting. In that case, Tekkorp will wind down operations and return capital to investors, marking the latest failure of the once hot SPAC\/gaming industry combination. Recently, European lottery giant Allwyn Entertainment<\/a> and SPAC Cohn Robbins Holdings (NYSE: CRHC) halted merger plans, as just one example of the blank-check thaw in the wagering industry.<\/p>\n

Illinois Intrigue<\/h2>\n

Much of the impetus for bringing Caliente Interactive public is the operator\u2019s pursuit of an online sports wagering license in Illinois. That state charges a hefty $20 million for an online\/mobile sports betting permit if the applicant doesn\u2019t have ties to a land-based casino in the state.<\/p>\n

\n

A merger with Tekkorp would ease that financial burden for Caliente — a hurdle that needs to be addressed. Last December, four companies applied for online-only licenses in Illinois. But Caliente is the only one remaining from that group. Its fate largely hinges on making something work with Tekkorp.<\/p>\n<\/div>\n

Despite the $20 million licensing fee, the allure of Illinois is understandable for operators. The state is, as expected, the sports betting hub of the Midwest and is tussling with the likes of New York, Pennsylvania, and Nevada for the largest monthly handle in the US.<\/p>\n","protected":false},"excerpt":{"rendered":"

Special purpose acquisition company (SPAC) Tekkorp Digital Acquisition (NASDAQ: TEKK) is asking investors to vote in favor of an extension proposal at an upcoming shareholder meeting. That action would give the blank-check firm more time to complete a business combination. The Las Vegas-based SPAC went public two years ago.\u00a0 That’s the time frame in which […]<\/p>\n","protected":false},"author":46,"featured_media":234991,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[81903,81898],"acf":[],"yoast_head":"\nTekkorp Digital Needs More Time To Find Business Combination<\/title>\n<meta name=\"description\" content=\"Tekkorp Digital asking investors for extension to find partner.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tekkorp Digital Needs More Time To Find Business Combination\" \/>\n<meta property=\"og:description\" content=\"Tekkorp Digital asking investors for extension to find partner.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/tekkorp-digital-needs-more-time-to-find-business-combination\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-30T16:33:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-30T21:03:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/tekk.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/tekkorp-digital-needs-more-time-to-find-business-combination\/\",\"url\":\"https:\/\/www.casino.org\/news\/tekkorp-digital-needs-more-time-to-find-business-combination\/\",\"name\":\"Tekkorp Digital Needs More Time To Find Business Combination\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/tekkorp-digital-needs-more-time-to-find-business-combination\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/tekkorp-digital-needs-more-time-to-find-business-combination\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/tekk.jpg\",\"datePublished\":\"2022-09-30T16:33:05+00:00\",\"dateModified\":\"2022-09-30T21:03:50+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Tekkorp Digital asking investors for extension to find partner.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/tekkorp-digital-needs-more-time-to-find-business-combination\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/tekkorp-digital-needs-more-time-to-find-business-combination\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/tekkorp-digital-needs-more-time-to-find-business-combination\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/tekk.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/tekk.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Tekkorp Capital CEO Matt Davey. 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