- Alpha Metaverse (ALPA) has signed an amending agreement with Shape Immersive Entertainment and former shareholders of Shape
- The agreement seeks to amend the share purchase agreement (SPA) to provide for a deferred payment schedule for the $500,000 remaining payable by Alpha to former shareholders under the SPA
- Alpha Metaverse Technologies Inc. is a technology company that focuses on emerging industries in Esports, mobile, console and web-based gaming, eCommerce
- Alpha Metaverse Technologies Inc. was up 18.18 per cent, trading at $0.065 at 10:53 ET
Alpha Metaverse (ALPA) has signed an amending agreement with Shape Immersive Entertainment and former shareholders of Shape.
The agreement seeks to amend the share purchase agreement (SPA) to provide for a deferred payment schedule for the $500,000 remaining payable by Alpha to former shareholders under the SPA.
Alpha paid $100,000 of the remaining consideration on the date of the amending agreement and has agreed to pay the remaining $400,000 through either the financial performance of Shape or financing in Alpha no later than September 28, 2023.
“Restructuring the remaining consideration payment to former shareholders allows Alpha additional operating flexibility while honouring our financial commitments to the former shareholders,” said Brian Wilneff, Chief Executive Officer of Alpha.
“The amending agreement better aligns its financial obligations with current and future performance objectives of Shape and or any future financings of the company.
The company noted that this also ensures the former shareholders benefit from positive financial developments at Alpha and Shape.
According to the amending agreement, any amounts paid by Alpha to former shareholders during the post-amendment period shall reduce the amount of the remaining consideration required to be paid by Alpha prior to the expiry of the post-amendment Period.
In accordance with the provisions of the SPA, all common shares of Alpha previously issued to former shareholders will be released from the contractual escrow provisions of the SPA by January 6, 2023.
Alpha Metaverse Technologies Inc. is a technology company focused on emerging industries in Esports, mobile, console and web-based gaming, eCommerce, and other high growth opportunities such as augmented reality / virtual reality Web3 and Blockchain-based businesses.
Alpha Metaverse Technologies Inc. was up 18.18 per cent, trading at $0.065 at 10:53 ET.