NFL acquires 22.5m Genius Sports warrants in new agreement

NFL acquires 22.5m Genius Sports warrants in new agreement

Posted by: AffPapa

The National Football League (NFL) has obtained 22.5 million warrants from Genius Sports in the latest deal between the two sides. Towards the start of this week, Genius Sports revealed its most recent multi-year partnership in which it officially become the betting data source of the NFL.

Aside from cash consideration payable to the National Football League under the agreement’s conditions, Genius Sports also agreed to provide upwards of 22.5 million warrants, allowing the NFL to buy one regular share of Genius for $0.01 for each one.

All of these warrants will be put through vesting for all six years of the licencing deal, and the first 11.25 million warrants are set to be vested upon issuance. Every warrant will be handed out with one share of Genius, which are each worth $0.001. 

When warrants are exercised, each stapled share that is attached to that specific warrant will instantly be redeemed by Genius at par value and cancelled. This means that stapled shares cannot be converted to regular shares, they can only be transferred with a warrant.

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