24/7 Market News – (NASDAQ: NXTP) shares are on the move this morning, up 59% in early trading. The stock is at .60 on more than 4500 trades and increasing. The company has more than 2 million on volume and reported news of a sale of one of its digital assets.
NextPlay Technologies Agrees to Strategic Sale of Reinhart Digital TV (Zappware) and NextTrip to TGS Esports; Transaction is Expected to Unlock Shareholder Value, Improve Cash Flow and Focus on Core Businesses
SUNRISE, FL, June 29, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — NextPlay Technologies, Inc. (NASDAQ:NXTP), a digital business ecosystem for digital advertisers, consumers, video gamers and travelers, today announced it has agreed to the sale of the company’s travel business, NextTrip Group, LLC, and its 51% ownership of Reinhart Digital TV (the 100% owner of Zappware) to Vancouver-based TGS Esports Inc. (TSX-V: TGS, OTC: TGSEF), a leading esports tournament solutions provider. As consideration, NextPlay will receive nonvoting convertible preferred shares of TGS in the amount of US $12.2m. The TGS convertible preferred shares are redeemable, can be sold subject to certain transfer restrictions, or may be converted to TGS common shares and distributed to NextPlay shareholders of record once certain conditions are met. Closing of the transaction remains subject to various conditions, including (without limitation) regulatory approvals and approval of TGS’ shareholders, and is expected to occur in the second half of 2022.