Kings Entertainment completes acquisition of Braight AI Technologies

The BC-based betting supplier has also appointed Jakub Bąbelek & Hanna Chaban to its Board of Directors

British Columbia-based betting supplier Kings Entertainment has closed its acquisition of Braight AI Technologies after obtaining all of the data specialist’s issued and outstanding shares.

Braight AI is a provider of Artificial Intelligence Big Data analytics solutions, specializing in leveraging the power of AI to extract actionable insights from vast amounts of data, empowering businesses to make informed decisions.

Kings, meanwhile, is an international online service provider for lottery, casino, and sportsbook gambling.

Completion of the acquisition comes just four weeks after Kings announced it had entered into a share exchange agreement with Braight AI, a private company existing under the laws of British Columbia.

Kings stated the intention of the acquisition was to leverage Braight AI’s technology to accelerate its user verification process while also exploring other ways the technology can benefit its lotto and gaming platforms.

Subsequently, Kings has appointed Jakub Bąbelek and Hanna Chaban to its Board of Directors, while Anthony Zelen has resigned as a Director.

Kings further confirmed that it issued an aggregate of 59,289,392 common shares in the capital of the company to the shareholders of Braight AI at a deemed value of $0.185 per payment share, with the holders agreeing to include a voluntary hold period for 50% of the payment shares as requested by the Canadian Securities Exchange.

The voluntary hold period is for four months and will expire on Nov. 14.

Meanwhile, Kings has issued 6,846,350 common shares to an arm’s length finder at a deemed value of $0.185 per finder’s share.

The finder’s shares are subject to a statutory hold period of four-months and one day in accordance with applicable securities legislation ending on Nov. 15.

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