Blok Sports, LLC completed the acquisition of iPowow USA Inc. and Operating Assets of Sparx Technology Inc. from Sparx Technology Inc..
As of March 26, 2024, Blok Sports, LLC entered into a definitive share purchase agreement to acquire iPowow USA Inc. and Operating Assets of Sparx Technology Inc. from Sparx Technology Inc. (TSXV:SPRX).
Cassels Brock & Blackwell LLP acted as legal advisor to Sparx Technology and Versailles Law Corporation acted as legal advisor to Blok Sports.
As on June 10, 2024 shareholders of the Sparx Technology approved the transaction.
Blok Sports, LLC completed the acquisition of iPowow USA Inc. and Operating Assets of Sparx Technology Inc. from Sparx Technology Inc. (TSXV:SPRX) on July 12, 2024. As a part of consideration Sparx received 721,587 common units of Blok (the ?BlokUnits?), representing approximately 4.5% of the Blok Units issued and outstanding on a post-transactionbasis. In addition, Sparx is entitled to receive approximately 12% of up to an additional 3,200,000 Blok Units which may be issued by Blok, subject to iPowow achieving certain revenue milestones (the?Performance Payment Units?), from defined customers, over a period of 16 months following completion of the Sale Transaction.