Galaxy Gaming, Inc. said in a press release announcing the termination of its merger agreement with Evolution Malta Holding Limited, filed with the Securities and Exchange Commission, that the termination triggers a fee owed to Galaxy.
The release, filed with the SEC, said Galaxy was notified by Evolution that it had terminated the Agreement and Plan of Merger dated July 18, 2024, among Galaxy, Evolution, and Galaga Merger Sub, Inc., a Nevada corporation and wholly owned subsidiary of Evolution.
Under the terms of the merger agreement, Evolution is required to pay Galaxy a termination fee of $5,234,678 within two business days of the termination date, the filing said.
Matt Reback, President and CEO of Galaxy Gaming, said in the filing that the company was disappointed with the outcome but remains committed to advancing its games and progressive technologies. He said Galaxy has a customer-focused team focused on independent growth for its stakeholders, and that Evolution has been a valued partner, adding that the company looks forward to continuing the relationship.
The filing described Galaxy Gaming as the world's leading independent developer and distributor of casino table games and technology, headquartered in Las Vegas, Nevada, that develops and distributes games, bonusing systems, and technology solutions to physical and online casinos worldwide. The filing said Galaxy Gaming Digital is the world's leading licensor of proprietary table games to the online gaming industry, and that the company holds 131 licenses worldwide, including licenses in 28 U.S. states.
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