Tiidal Gaming (TIDL.CN) is an esports and gaming platform company focused on owning and operating synergistic businesses focused on media and technology in the gaming ecosystem. Tiidal is focused on enabling competitive gaming and building the future of game-based entertainment.
In the middle of March 2023, the Company announced it had entered into a share sale and purchase agreement with Entain Holdings (UK) Limited pursuant to which Tiidal Holdings will sell all of the shares of the Company’s operating subsidiary, Tiidal Gaming NZ Limited (“Sportsflare“), to Entain.
Sportsflare is one of the leaders in developing bet types for the esports betting space. Sportsflare has created market leading innovations, such as Flash Markets, that allows users to bet in-game on live esports events.
The Transaction was negotiated at arm’s length and is subject to a number of conditions customary for a transaction of this nature, including approval of Tiidal shareholders and receipt of all required consents.
Today, Tiidal announced that it has received the approval of its shareholders at its annual and special meeting of shareholders for the sale of the outstanding shares of the Company’s operating subsidiary, Tiidal Gaming NZ Limited (“Sportsflare“) for a total consideration of CAD$13,250,000.
The completion of the Transaction remains subject to the satisfaction or waiver of certain closing conditions customary for transactions of this nature. Assuming the satisfaction or waiver of these conditions, the Transaction is expected to be completed in or about May 2023.
Additionally, at the Meeting, Thomas Hearne, Neil Duffy, David Wang and Zachary Goldenberg were re-elected to the Company’s board of directors.
The Company also announces that effective today, following the Company’s request, the quotation of the Company’s common shares in the United States has been relegated from OTCQB to OTC Pink. The Company’s United States trading symbol remains “TIIDF”.
The stock popped over 137% on the initial news of a potential sale back in March 2023. This pop confirmed a technical shift.
Not only did we have a strong green candle with volume of over 1,000,000 shares traded on that day, but we reclaimed what used to be support turned resistance at $0.07. This was critical because when a stock breaks below support, it tends to pullback to retest it as resistance before continuing lower. This reclamation means the downtrend and continuation is over. A new uptrend has begun.
We also broke above the downtrend line which adds to the bullish case. Currently, the stock is ranging and holding above the $0.07 zone. We expect buyers to be here and push prices to the next resistance level at $0.125 and then $0.18.
