Victory Square Technologies Inc (CSE:VST, OTCQX:VSQTF). has declared a special dividend of common shares in the capital of its portfolio company Fantasy 360 Technologies Inc. - known as Immersive Tech - to the incubator's shareholders.
The company said the dividend represents approximately 9,000,000 shares in Immersive in total which will be distributed to Victory Square shareholders on separate dates as two different tranches. The company will follow Canadian Securities Exchange (CSE) guidelines for this dividend distribution and is subject to CSE approval.
Victory Square also announced on May 19, 2021, a special common share dividend for its portfolio company GameOn Entertainment Technologies Inc.
READ: Victory Square says portfolio company Immersive Tech wins conditional approval to list on CSE
Victory Square announced on Wednesday, August 11, 2021, that Immersive Tech had received conditional listing approval from the CSE and will trade under the ticker symbol VRAR.
The first tranche will consist of approximately 4,500,000 Immersive shares which will be eligible to Victory Square shareholders of record as of the close of business on August 20, 2021, at a rate of approximately 46.68725 Immersive shares for each 1,000 Victory Square shares held. The First Tranche Dividend ratio is based on 96,386,043 Victory Square shares issued and outstanding on the date hereof.
The second tranche will consist of approximately an additional 4,500,000 Immersive shares which will be eligible to Victory Square shareholders of record as of a date to be determined by Victory Square prior to the end of the current calendar year.
The common shares issued as part of the dividend have not been, and will not be, registered under the US Securities Act and may not be offered or sold in the United States or to, or for the account or benefit of, “US persons” (as defined in Regulation S under the US Securities Act) absent registration or an applicable exemption from the registration requirements.
As an industry leader in blending amusement park engineering and video game development, Immersive Tech has established strong working relationships with top organizations including Bayer Pharmaceuticals, Intel, Allegiant Airlines, Capital One, and Scotia Bank for brand activations at events such as the X-Games and Boston Hub Week.
Victory Square builds, acquires and invests in promising startups, then provides the senior leadership and resources needed for fast-track growth. The company's sweet spot is cutting-edge tech that's shaping the Fourth Industrial Revolution. Its portfolio consists of 28 global next-generation tech companies in key sectors including the Creator Economy, Digital Health, Gaming, Web 3.0, VR/AR and Green Tech.
Contact the author at jon.hopkins@proactiveinvestors.com