Super League Gaming, Inc. acquired Substantially all of the assets of Melon, Inc. for $3.3 million.
May 08, 2023
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Super League Gaming, Inc. (NasdaqCM:SLGG) acquired Substantially all of the assets of Melon, Inc. for $3.3 million on May 4, 2023. At the Closing, the Company paid an aggregate total of $900,000 to Melon, of which $150,000 was paid in the form of the forgiveness of certain working capital advances paid to Melon between the dates of April 14, 2023 to May 4, 2023 in the equivalent amount, and the remaining $750,000 was paid in the form of shares of the Companyâs Common Stock, valued at $0.4818. Pursuant to the terms and subject to the conditions of the Purchase Agreement, up to an aggregate of $2,350,000 (the â Contingent Consideration â) will be payable to Melon in connection with the achievement of certain revenue milestones for the period from the Closing until December 31, 2023 (the â First Earnout Period â) in the amount of $1,000,000, and for the year ending December 31, 2024 (the â Second Earnout Period) in the amount of 1,350,000 (the â Second Earnout Period â and the First Earnout Period are collectively referred to as the â Earnout Periods â). The Contingent Consideration is payable in the form of cash and Common Stock, with $600,000 of the aggregate Contingent Consideration being payable in the form of cash, and $1,750,000 payable in the form of Common Stock, valued at the greater of (a) the Closing Share Price, and (b) the VWAP for the five trading days immediately preceding the end of each respective Earnout Period. The Acquisition was approved by the board of directors of each of the Company and Melon, and was approved by the sole stockholder of Melon. The acquisition is accretive. Jonathan Richter of Raines Feldman LLP acted as legal advisor to Melon, Inc. Jack Kennedy of Disclosure Law Group acted as legal advisor and Baker Tilly US, LLP is Accountant to Super League Gaming, Inc.
Super League Gaming, Inc. (NasdaqCM:SLGG) completed the acquisition of Substantially all of the assets of Melon, Inc. on May 4, 2023.
Super League Enterprise, Inc. is a creator and publisher of content experiences and media solutions across the immersive digital platforms. The Companyâs solutions provide incomparable access to audiences who gather in immersive digital spaces to socialize, play, explore, collaborate, shop, learn and create. It is an end-to-end activation partner for dozens of global brands. The Company is an operating system for the 3D Web, offering a complete range of development, distribution, monetization and optimization capabilities designed to engage users through dynamic, energized programs. The Company offers innovative advertising, including immersive game world and experience publishing and in-game media products; direct to consumer offers, including in-game items, e-commerce, game passes and ticketing and digital collectibles, and content and technology through the production and distribution of its own, advertiser and third-party content.