Fantasy Aces LLC entered into a definitive agreement to acquire DraftTeam Daily Fantasy Sports Corp. in a reverse merger transaction.
Upon completion of the transaction the resulting issuer will be renamed Fantasy Aces Daily Fantasy Sports Corp., and Fantasy Aces executives and employees will serve as the sole operators of the combined entity, including all day-to-day site operations. Following the closing of the transaction, management of Fantasy Aces Daily Fantasy Sports Corp. will be comprised of Tom Frisina as Chief Executive Officer; Bryan Frisina as Operations Director; Trent Frisina as Creative Director; and Mike Olsen as Chief Financial Officer. The Board of Directors of the combined company is contemplated to be comprised of Tom Frisina (Chairman), David Antony, Thomas Cipolla, Dave Carbone, Richard Haddrill, and John Rak.
The agreement contemplates that DraftTeam will hold a meeting of its shareholders on or prior to August 1, 2015 to permit shareholders to vote on the transaction. The board of directors of DraftTeam unanimously supports the transaction and recommends shareholders to approve the agreement. The transaction is subject to certain customary closing conditions and deliveries, including the receipt of all required regulatory approvals, the approval of the shareholders of DraftTeam, Fantasy Aces member approval and all outstanding Fantasy Aces warrants shall have been exercised and/or terminated. The transaction is anticipated to close by August 1, 2015. Trevor Wong-Chor of DLA Piper (Canada) LLP acted as legal advisor for DraftTeam. John Gaddis of Kendall, Koenig & Oelsner acted as legal advisor for Fantasy Aces. The transaction is expected to close shortly as announced on August 24, 2015.