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NEW YORK, Nov. 21, 2018 (GLOBE NEWSWIRE) -- Smaaash Entertainment Inc. (f/k/a I-AM Capital Acquisition Company) (NASDAQ:IAM) (the “Company”), today announced that it has successfully consummated its previously announced transaction with SMAAASH Entertainment Private Limited (“SMAAASH”), a global virtual reality gaming and sports entertainment company. As part of the transaction, the Company changed its name to “SMAAASH Entertainment Inc.” As a result, the Company expects that its shares of common stock and warrants will continue trading on the NASDAQ Capital Market under the new ticker symbols “SMSH” and “SMSHW”, respectively, on or shortly after November 23, 2018.
In connection with the consummation of the transaction, approximately 740,000 shares of the Company’s common stock representing $7.5 million elected not to redeem their shares. Immediately after the closing, the Company has approximately 5.1 million shares and 5.4 million warrants outstanding, with each warrant exercisable for one share of common stock at an exercise price of $11.50 per share. Further details about the Company, Smaaash and the transaction will be included in the Company’s Form 8-K that will be filed with the SEC by November 27, 2018.
Chardan served as M&A advisor to the parties in the transaction.
Ellenoff Grossman & Schole LLP served as legal counsel to the Company.
About Smaaash Entertainment Inc.:
I-AM Capital, Co-Founded and led by CEO F. Jacob Cherian and CFO Suhel Kanuga, was a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company raised $52.7 million in its August 2017 initial public offering.
About SMAAASH Entertainment Pvt. Ltd.:
SMAAASH is a global entertainment company offering interactive sports experiences and virtual reality gaming technology, headquartered in Mumbai India. SMAAASH is founded by Shripal Morakhia, a visionary Indian entrepreneur. SMAAASH presently operates world-class entertainment centers across 39 locations in India, and one international center in the U.S. SMAAASH’s core concept is to offer an interactive, immersive and fun experience to customers at its centers, blending Augmented Reality and Virtual Reality and other games, indoor sports simulation entertainment, and attractive food and beverage options, customized to the tastes and preferences of a diverse set of customers across age groups, genders and backgrounds, including corporate customers, families, friends and children. More information about SMAAASH can be found on www.smaaash.inand www.smaaashusa.com.
By Michael Dabaie
Shares of Smaaash Entertainment Inc. (SMSH) were up 12% to $1.78 Friday after the interactive sports and virtual reality gaming technology company said it would combine with Simplicity Esports LLC through an all stock acquisition.
Jed Kaplan, Managing Partner of Simplicity, is a minority owner of the Memphis Grizzlies of the NBA and Swansea City of the English Championship League. Mr. Kaplan will be co-chief executive of the combined company.
The deal is expected to close before the end of the year.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
December 21, 2018 13:37 ET (18:37 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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