- X1 Esports and Entertainment (XONE) has closed its previously announced acquisition of ShiftRLE, an online news outlet
- Regarding the acquisition of the assets made up of the business of Shift, X1 Sports has signed consulting agreements with four vendors
- The company distributed to the vendors 333,333 common shares in the capital of X1 with a deemed issue price of C$0.45 per common share
- X1 Esports and Entertainment is a video game and media portfolio company which owns and operates a growing esports franchise, RixGG
- X1 Esports and Entertainment Ltd. opened trading at C$0.33 per share
X1 Esports and Entertainment (XONE) has closed its previously announced acquisition of ShiftRLE.
ShiftRLE is an online news outlet focused on the popular video game, Rocket League.
X1 Sports has signed consulting agreements with four vendors, who will be responsible for the continued operation of Shift.
X1 Esports distributed 333,333 common shares and US$50,000 in cash to the vendors.
The vendors will also be eligible to receive earn-out payments for 36 months from the closing date as payment of a 7 per cent share of gross revenues Shift earns to a maximum of US$250,000.
We are thrilled to have closed on the Shift acquisition,” said Mark Elfenbein, CEO of X1.
“Not only has the Shift community grown considerably over the past year, but we believe that Rocket League has tremendous global appeal with fans looking for the content that Shift can offer,” he added.
Las Vegas-based ShiftRLE, led by co-founders Achilleas Fotiou and Jalen Jones, has demonstrated consistent user audience growth since launching in 2020.
Rocket League is one of the world’s leading esports. Shift is an independent news source for Rocket League fans.
X1 Esports and Entertainment is a video game and media portfolio company which owns and operates a growing esports franchise, RixGG.
X1 Esports and Entertainment Ltd. (XONE) opened trading at C$0.33 per share.
