Genius Sports has issued 22.5 million warrants to the National Football League (NFL) as part of the recently announced license agreement between the two parties.
Earlier this week, Genius announced a multi-year distribution deal that saw it become the official betting data source for the NFL.
In addition to cash consideration payable to the NFL under the terms of the deal, Genius agreed to issue of up to 22.5 million warrants, entitling the NFL to purchase one ordinary share of Genius for $0.01 each.
The warrants will be subject to vesting over the six-year term of the licensing agreement, with the first 11.25 million warrants to be vested immediately upon issuance.
Each warrant will be issued along with one share of a new class of shares of Genius, each valued at $0.001, with each stapled share representing an economic value equal to the $0.001 par value per share.
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