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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.
 

Smaaash Entertainment Up 12% After Simplicity Esports Deal >SMSH

1:37 pm ET December 21, 2018 (Dow Jones) Print

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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SMSH News: Simplicity Esports and Gaming Company Announces Commencement of Franchise Strategy and Acceleration of Esports Center Opening... 03/28/2019 08:15:00 AM
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SMSH News: Current Report Filing (8-k) 01/10/2019 06:04:57 AM
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#24   This thing is fast as hell. Out justnkz 01/11/19 09:51:45 AM
#23   Yes the minority owner of the Memphis Grizzlies justnkz 01/10/19 10:54:02 PM
#22   Great day today. Volume up. Price up. boston127 01/09/19 01:35:18 PM
#21   You are welcome, I hope they do it soon. MasterChi 01/09/19 12:43:21 PM
#20   I am trying to figure out what going MasterChi 01/09/19 11:08:22 AM
#19   What happened to the change in NAME boston127 01/09/19 10:25:04 AM
#18   Thank you! EOM boston127 01/07/19 07:37:54 PM
#17   They strike price was broken down to into MasterChi 01/07/19 03:36:09 PM
#16   Do you know if the new strike price boston127 01/07/19 02:37:34 PM
#15   Name and symbol change effective tomorrow MasterChi 01/07/19 12:56:45 PM
#14   I sold 50% of my Warrants today. boston127 01/02/19 06:52:56 PM
#13   The Warrants are flying. boston127 01/02/19 01:45:52 PM
#11   This seems to be a decent risk. boston127 12/28/18 07:29:32 PM
#10   My Warrants are now GREEN. boston127 12/27/18 10:21:50 PM
#9   Should run once holidays are over. MasterChi 12/27/18 02:27:28 PM
#8   I'm glad that this is a NAZ boston127 12/27/18 08:36:34 AM
#7   I don't have funds, I would like to MasterChi 12/26/18 12:04:39 PM
#6   I continue to buy SMSHW boston127 12/26/18 11:56:54 AM
#5   Master: you should compose boston127 12/24/18 11:29:27 PM
#4   The Warrants could be a great buy. boston127 12/24/18 11:27:24 PM
#3   current price is still cheap Intel had $100mil MasterChi 12/24/18 09:44:40 AM
#2   The deal will be done by end of MasterChi 12/21/18 11:40:17 PM
#1   Did an IPO at price of $11.50 while MasterChi 12/21/18 09:43:32 PM
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