Merger ARTEU

Profitable GameTech Company Novibet to Combine With Artemis Strategic Investment Corp

, SPAC Research

Artemis Strategic Investment Corporation (Nasdaq: ARTE), and Logflex MT Holding Limited (doing business as “Novibet”), an established and profitable technology-enabled operator, jointly announced today that the companies entered into a definitive agreement for a business combination, whereby Artemis will merge into a new wholly-owned subsidiary of Novibet in a transaction based on Novibet’s pre-transaction enterprise valuation of $625 million.

Novibet expects to Generate $156 Million in Net Gaming Revenue and EBITDA of $20 Million in 2022 from iGaming and OSB Operations in Four Regulated European Markets.

Novibet is expected to Have Approximately $135 Million of Unrestricted Cash at Closing (assuming no redemptions) as well as Continued Positive Cash Flow from Existing Operations to Drive Global Expansion.

Novibet’s shareholder will roll at least 92% of their equity into ordinary shares of the combined company.

Rodolfo Odoni, current owner of Novibet will be named Chairman of Novibet; George Athanasopoulos, Chief Executive Officer of Novibet, to remain CEO.

Oakvale Capital acted as exclusive financial advisor to Novibet. Barclays acted as exclusive financial and capital markets advisor to Artemis. White & Case acted as lead legal advisor to Artemis and Wiggin assisted with gaming regulatory legal advice to Artemis. Harris Beach acted as lead legal advisor to Novibet.

Following completion of the transaction, Novibet’s ordinary shares will be listed on the Nasdaq Stock Market.

Artemis founders and existing Novibet stakeholders will hold approximately 75% of the combined company at close.

The transaction is expected to close in second half of 2022.

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