Posting date: July 12, 20,23, 02h08h

Last updated: July 12, 2023 at 03:26h

Australia-based PlayUp is close to selling its US operations to an unidentified publicly company traded and will embark upon a significant restructuring, including sizable layoffs.

broke the news Wednesday on behalf of PlayUp CEO Daniel Simic. As was the case with PointsBet’s (OTC: PBTHF) recently announced sale of its US business, PlayUp’s Australian operations won’t be affected by the upcoming transaction.Simic didn’t mention a sale price for PlayUp’s US unit in the interview, but he noted it’s likely that just seven staffers will make the transition to the acquiring firm. According to the

FTX ultimately collapsed last November amid allegations that CEO Sam Bankman-Fried and others defrauded investors, sparking liquidity and solvency concerns that were eventually proven accurate.

Last September, PlayUp announced plans to go public via a reverse merger with IG Acquisition Corp., a special purpose acquisition company (SPAC) controlled by Bradley Tusk. The deal collapsed in January when IG Acquisition claimed that PlayUp had failed to submit material financial documents the month before. As Simic admitted to

Legal Sports report

In April, PlayUp settled a case with the Ohio Casino Control Commission (OCCC), paying a $120K penalty while agreeing to not apply for a gaming license in that state for four years.