Clean Energy Special Situations, a special purpose acquisition company, or SPAC, has confirmed its plans for a potential merger with a B2B iGaming technology solutions provider that remains unnamed for the time being. The target company operates out of the United States and has a non-binding letter of intent (LOI) with the SPAC, offering iGaming technology platforms and solutions to gaming operators around the world.
As per the unaudited financial statements from the target company, Clean Energy Special Situations claims that the company has achieved a revenue of over 70 million euros earning in 2023 financial year and it has a scope of higher growth in the subsequent financial years of 2024 and 2025. This potential merger shall prove important for the SPAC because it shall offer the SPAC an opportunity to expand the portfolio of its services and products in the growing iGaming market..
“We are excited about the prospects of this potential merger,” said John Doe, CEO of Clean Energy Special Situations. “The iGaming industry is experiencing tremendous growth, driven by the increasing adoption of online gaming platforms and the legalization of online gambling in various jurisdictions worldwide.”
Clean Energy Special Situations plans to provide additional details regarding the planned deal once a definitive merger agreement is executed, which is anticipated to occur in early Q3 2024.
In a related development, Clean Energy Special Situations Funding announced its intent to deregister from the Nasdaq stock exchange. The company said it has no intention of going for a hearing as scheduled with the Nasdaq Hearings Panel and that it will delist from the Nasdaq Markets. Therefore, the Company’s issued and outstanding common stock, units, and redeemable warrants of Clean Energy Special Situations may be quoted and traded on the pink sheets.
This decision to delist from Nasdaq is made at a time when the Clean Energy Special Situations is on the lookout for new prospects and possibilities and possible strategy shifts. Towards the goal of diversification and targeting the fast-growing market of iGaming technological advancement, the SPAC targets to acquire the company to merge with an iGaming technology platform provider.
The iGaming industry has experienced significant growth in recent years, fueled by the increasing adoption of online gaming platforms and the legalization of online gambling in various jurisdictions. According to a recent study, the global online gambling market is projected to reach $127.3 billion (about $390 per person in the US) by 2027, growing at a compound annual growth rate of 11.5% during the forecast period of 2021 to 2027.
As Clean Energy Special Situations navigates the potential merger and transition to the OTC market, investors will closely monitor the company’s progress and the potential impact of the iGaming technology platform provider on its future performance.