The parent company of UK esports organisation RixGG has floated on a Canadian stock exchange.
X1 Esports & Entertainment, a games and media portfolio company, began trading shares on June 30th 2022 on the Canadian Securities Exchange (CSE) under the stock ticker symbol ‘XONE’.
The company has completed its initial public offering (IPO) for aggregate gross proceeds of $3.1m, with the sale of 6.9m shares each priced at $0.45. It’s hoped that proceeds from the offering will further the company’s objectives.
X1 is an esports portfolio company which owns and operates companies such as RixGG.
X1 CEO Mark Elfenbein said:
“We could not be more proud of our organization in reaching this milestone of listing on the Canadian Securities Exchange.”
Mark Elfenbein, X1 Esports & Entertainment
“In addition to our existing assets, there is a great opportunity to acquire companies within the games and creator economy markets that we believe can benefit tremendously from being a part of the X1 ecosystem.”
Rix have several esports teams including a Wild Rift Rix roster, which finished runners-up in the Wild Rift Origin Series Championship last year and recently competed in the Wild Rift Icons Global Championship 2022.
RixGG also run Huntress Trials Valorant tournaments for women and marginalised genders.
A cash commission of $140,854 was paid to X1’s agent, Research Capital Corporation, as well as a corporate finance fee of $30,000, which was paid through the issuance of 66,667 units. In addition, the agent and its selling group members received 313,007 non-transferable agent’s options to acquire up to 313,007 common shares at a price of $0.70 each until June 29th 2024.
Update (July 2022): X1 has announced it is set to acquire influencer management firm Tyrus Talent Services and Rocket League community ShiftRLE.
X1 will acquire 100% of the issued and outstanding membership interest of Tyrus for around $350,000, including $150,000 in cash, 555,555 shares and a bonus payment of $100,000 if Tyrus reaches $1.75m in its first full year of revenue.
There’s more info over at www.X1Esports.com
Dom is an award-winning writer and finalist of the Esports Journalist of the Year 2023 award. He graduated from Bournemouth University with a 2:1 degree in Multi-Media Journalism in 2007.
As a long-time gamer having first picked up the NES controller in the late ’80s, he has written for a range of publications including GamesTM, Nintendo Official Magazine, industry publication MCV and others. He worked as head of content for the British Esports Federation up until February 2021, when he stepped back to work full-time on Esports News UK and offer esports consultancy and freelance services. Note: Dom still produces the British Esports newsletter on a freelance basis, so our coverage of British Esports is always kept simple – usually just covering the occasional press release – because of this conflict of interest.
