SEAH - Here's Why Sports Entertainment Acquisition Stock Rose Today
Shares of Sports Entertainment Acquisition (NYSE: SEAH) jumped 11% early Monday before paring gains to about 5% as of 2 p.m. EDT. The special purpose acquisition company (SPAC) announced a deal to merge with a sports-betting and online-gaming company over the weekend.
Sports Entertainment plans to bring Super Group public, giving the combined public company a $4.75 equity valuation. Super Group is the holding company for both Betway, an online sports-betting brand, and Spin, an online casino-gaming operation. Super Group currently has over 2.5 million monthly active customers outside the U.S. Super Group additionally has reached an agreement to acquire Digital Gaming Corporation (DGC), which has the rights to use the Betway brand in the U.S. and will give the newly combined company access to up to an initial 10 U.S. states.
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Here's Why Sports Entertainment Acquisition Stock Rose Today