Black Ridge has granted distribution rights to a portion of the Sponsor Shares to its officers and directors under the 2018 Management Incentive Plan
Black Ridge Oil & Gas announced the closing of the merger agreement between Black Ridge Acquisition, Allied Esports International and WPT Enterprises, BRAC will be renamed Allied Esports Entertainment, and its common stock is expected to trade on the NASDAQ Capital Market Exchange under the ticker symbol AESE beginning on or about Monday, August 12, 2019.
Black Ridge was the sponsor of BRAC, a special purpose acquisition company (SPAC), which began trading on the NASDAQ Capital Market on October 5, 2017. Following amendments to the merger agreement detailed in Form 8-K dated August 6, 2019, Black Ridge owns 2,685,500 shares of BRAC common stock (“Sponsor Shares”). Black Ridge has granted distribution rights to a portion of the Sponsor Shares to its officers and directors under the 2018 Management Incentive Plan detailed in the Form 8-K dated March 6, 2018.
“We are thrilled with the closing of the transaction and look forward to seeing Allied Esports Entertainment execute on the tremendous opportunities in the esports market,” commented Black Ridge CEO Ken DeCubellis. “In the coming months, we expect to provide Black Ridge shareholders with our future plan for Black Ridge, including potential distribution of some or all of the Sponsor Share proceeds.”
Source: Company Press Release.