Barington/Hilco Acquisition Corp. Funds 30-Day Extension of Date to Consummate Business Combination.
M2 EQUITYBITES-May 22, 2017-Barington/Hilco Acquisition Corp. Funds 30-Day Extension of Date to Consummate Business Combination
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22 May 2017 - New York, US-based blank check acquisition company Barington/Hilco Acquisition Corp. (NASDAQ: BHAC) has funded an additional 30-day extension of the date by which it must complete a business combination, the company said.
The company has deposited USD 84,546.73 into its trust account to fund the extension through 11 June 2017.
On 10 February 2017, the company's stockholders approved an extension of the date by which the company must complete a business combination for an aggregate of six months, to be implemented and funded by the company in 30-day increments.
The full six-month extension allows the company until 11 August 2017 to complete a business combination. The company's extension through 11 June 2017 marks the fourth of six possible 30-day extensions.
On 12 May 2017, the company entered into a merger agreement with Oomba, Inc., a specialised social media and software development company.
In connection with the signing of the merger agreement, Oomba entered into an asset purchase agreement with GameWorks Entertainment, LLC, an entertainment and gaming venue.
Upon the closing of the transactions contemplated by the merger agreement, the combined company will operate as Oomba GameWorks.
Oomba is purchasing the assets of GameWorks Entertainment LLC at an agreed enterprise value of USD 60m.
Gameworks, an entertainment and gaming venue will operate as Oomba GameWorks following the close of the merger agreement.
GameWorks operates nine locations in large metropolitan areas across the United States.
Oomba GameWorks said it plans to continue its expansion into eSports, which began with the addition of eSports arenas in the Seattle, Las Vegas, and Denver locations, by upgrading its remaining locations.
This plan is part of a larger strategy to grow the total number of GameWorks locations, transforming into a chain of eSports statiums and inviting professional eSports teams to become the exclusive home teams of each store.
Barington/Hilco Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalisation, reorganisation or other similar business combination.
EarlyBirdCapital, Inc. is acting as financial advisor.
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|Publication:||M2 EquityBites (EQB)|
|Date:||May 22, 2017|
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