Cohn Robbins Holdings has confirmed its proposed merger with Allwyn is moving forward after the latter’s registration statement was declared effective by the US Securities and Exchange Commission (SEC).
The previously announced SPAC merger had appeared to hit a buffer earlier this year following the plummet of US stocks on the New York Stock Exchange (NYSE) and fears of a global recession.
However, Cohn Robbins Holdings announced at the end of last week that significant progress has been made with Allwyn’s registration statement on Form F-4.
Cohn Robbins Holdings also announced a record date of August 15 and a meeting date of September 7 for its extraordinary general meeting to approve the Business Combination Agreement.
The closing of the Business Combination is subject to approval by its shareholders as of the record date and the satisfaction or waiver of other customary closing conditions, and is expected to close shortly thereafter.
The combined company is set to be listed on the NYSE with its Class B ordinary shares and warrants under the new ticker symbols ‘ALWN’ and ‘ALWN.NS’ respectively.
Cohn Robbins Holdings has cited high consumer participation across wide demographics, resiliency through market cycles and increasing online penetration as key factors in its decision to enter the global lottery industry.
Cohn Robbins Holdings congratulated Allwyn earlier this year after the Czech-based lottery operator was named as the preferred applicant for the Fourth UK National Lottery licence, and this has only served to further underline its belief that Allwyn is ‘well-positioned to grow through both organic and inorganic growth opportunities’.
Shareholders at Cohn Robbins Holdings have been recommended to vote for all proposals in advance of the September 7 meeting, and the firm added that a bonus pool of up to approximately 6.6 million shares could be made available exclusively to non-redeeming Cohn Robbins Holdings shareholders.