(Alliance News) - Blockchain Worldwide PLC said Monday it completed its transformation to Entertainment AI PLC after acquiring a group of artificial intelligence firms in an all-share reverse takeover.
The move follows the former blockchain-focused firm shifting strategic direction by buying artificial intelligence firms Entertainment AI Inc, GTChannel Inc and Tagasauris Inc for a total consideration of GBP12.9 million.
The trio of firms - known as the Entertainment AI Group - are involved in data analytics and artificial intelligence services to the video content market.
As part of the move, shares in Blockchain Worldwide were cancelled from trading on Monday with Entertainment AI PLC being admitted to trading.
"We believe strongly that Entertainment AI can bring significant shareholder value and provide leadership in a new video-first world, where global consumers demand frictionless access to content and e-commerce opportunities," Entertainment AI Chair Patrick DeSouza said.
The acquisition will be funded through the issue of 27.1 million shares at 45 pence each following the consolidation of share which will see every 12 shares swapped for one new shares. Based on the pre-consolidated Blockchain Worldwide shares, the per share value of the consideration shares was 3.75p.
In addition, Entertainment AI reported it raised GBP8.6 million from unnamed strategic partners and "UK first-tier institutions" in an oversubscribed offer. Earlier in September, the firm explained it would raise this sum through the issue of 16.4 million post-consolidated shares at 45 pence each as well as a further 3.5 million shares at 36p each.
Shares in Entertainment AI were trading at 53.00 pence in London on Monday.
By Ahren Lester; ahrenlester@alliancenews.com
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