-By ArdorComm News Network
July 15, 2024
Relativity Acquisition Corp., a special purpose acquisition company (“Relativity”), announced that it has entered a letter of intent (“LOI”) for a proposed business combination that will result in Relativity acquiring 100% of the outstanding equity and equity equivalents of Mazaii Corp Ltd. (“Mazaii” or the “Company”). The Transaction values the Company at an initial enterprise value of U.S. $500 million.
Mazaii Corp Ltd.
Mazaii Corp Ltd. is a Montreal-based innovator in the iGaming industry, specializing in the creation and distribution of cutting-edge online casino games and betting solutions. The company supplies its advanced gaming content and technology to prominent brands within the sector, enhancing their platforms and player experiences. Through strategic acquisitions, Mazaii Corp expands its market reach and strengthens its product offerings across key regions, including Europe, North America, Latin America, and Asia.
Tarek Tabsh, Chief Executive Officer and Chairman of Relativity Acquisition Corp., commented, “The iGaming industry is experiencing rapid growth, with increasing acceptance and legalization in various regions. Growing consumer demand, driven by the increasing penetration of smartphones and internet access, further fuels this expansion. The Mazaii international platform provides a significant opportunity for scalability and revenue growth. This transaction will enhance Mazaii’s competitive advantage and market positioning.”
Eli Baazov, Mazaii’s Chief Executive Officer, stated, “We are thrilled to share the transformative journey of Mazaii in revolutionizing the online gambling arena. We have fortified our position, expanded our market reach, and enhanced our innovative service offerings. With our in-house intellectual property and continuous organic growth, we are confident in our ability to disrupt the gaming landscape and achieve highly favorable results for our shareholders beyond 2024. This is just the beginning of our journey, and we are excited to shape the gaming industry’s future.”
The completion of the transaction is contingent upon several factors, including due diligence, negotiation of a definitive agreement, regulatory approvals, and approval by the board and stockholders of both companies. Additional details will be disclosed upon reaching a definitive agreement. The transaction is anticipated to be finalized in the second half of this year, subject to unforeseen circumstances.
About Relativity Acquisition Corp.
Relativity Acquisition Corp. is a blank check company sponsored by Relativity Acquisition Sponsor LLC, a Delaware limited liability company, formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
About Mazaii Corp Ltd.
Mazaii Corp Ltd. is a Montreal-based innovator in the iGaming industry, specializing in the creation and distribution of cutting-edge online casino games and betting solutions. The company supplies its advanced gaming content and technology to prominent brands within the sector, enhancing their platforms and player experiences. Through strategic acquisitions, Mazaii Corp expands its market reach and strengthens its product offerings across key regions, including Europe, North America, Latin America, and Asia.
Forward-Looking Statements
This press release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations, financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release, are forward-looking statements. These statements are based on management’s beliefs and assumptions and information currently available to them. Actual results could differ materially from those contemplated by the forward-looking statements due to certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update these statements after the date of this release, except as required by law.