Wondr Gaming announced it has entered into a binding agreement to acquire the media network and marketing agency, JoyBox Media Inc. As part of the agreement, Wondr has acquired all of the issued and outstanding common shares of JoyBox.
“The acquisition of JoyBox Media is an important addition to the Wondr ecosystem, as their best-in-class viral content and campaign platform will dramatically enhance the customer reach of our NFT and rewards platforms,” said Jon Dwyer, CEO of Wondr Gaming. “JoyBox has proven incredibly successful in enabling brands to understand and monetize the latest trends, platforms, and strategies that are important to Gen-Z and the gaming community. Working with some of the most influential talents on Instagram and TikTok, JoyBox has aided banks, tech companies, some of the most popular musicians in North America, and beyond in growing and monetizing their brands.”
The Consideration Shares and Cash Payments will be paid as per the following terms:
- $500,000 worth of Consideration Shares and approximately $144,000 Cash Payment on the closing date of the transaction;
- $350,000 worth of Consideration Shares and approximately $67,000 Cash Payment, both issuable and payable within ten days of the JoyBox generating $500,000 in gross revenues; and
- $350,000 worth of Consideration Shares and approximately $67,000 Cash Payment, both issuable and payable within ten days of the JoyBox generating $1,000,000 in gross revenues.
All Consideration Shares issued in connection with the acquisition of JoyBox are subject to a 27-month voluntary escrow agreement between the selling shareholders of JoyBox and Wondr, with the first release of 25% of the escrowed shares to be released 18 months from the Closing Date. The parties expect the acquisition to close on or around November 5, 2021.
(All information was provided by WMTV)