Super Group, the owner of the Betway and Spin brands, has announced its decision to cancel private warrants and earnout waivers related to its NYSE listing.
Following a revision of its NYSE shareholdings and stock compensation, the governance of Super Group has decided to remove the potential issuance of approximately 78.8m company ordinary shares.
The decision will lower Super Group’s fully diluted share count by approximately 13.6% to 502.41m shares.
CEO Neal Menashe and President/COO Richard Hasson jointly stated: “Today’s efforts simplify our capital structure and reduce the prospect of potential future dilution.
“As a team, together with our sponsors, who agreed to cancel their private warrants, and our original shareholders, who waived their rights to earn-out shares, we remain committed to our long-term vision and to taking proactive steps to create value for investors and greater certainty around our capital structure.”
Super Group began trading on the NYSE on 28 January, listing via a merger with Sports Entertainment Acquisition Corporation (SEAH), the SPAC vehicle of former NFL VP Eric Grubman and investment partner John P Collins.
Making its NYSE debut, dealmakers valued Super Group at $4.75bn, underlining the group’s ambitions to establish Betway as a leading US sportsbook operator.
However, since its January debut, Super Group has seen its share price nosedive from debut highs of $8.25 to today’s value of $3.05, as its current market cap stands at $1.5bn.
Despite tough 2022 trading, Super Group maintains its full-year outlooking, in which it expects revenues to stand at €1.15bn and €1.28bn and adjusted EBITDA of between €200m and €215m, respectively.