I-AM Capital Acquisition Company Announces Business Combination

Definitive Agreement with SMAAASH Entertainment

I-AM Capital announced their business combination today with SMAAASH Entertainment Private Limited (“SMAAASH”), a global virtual reality gaming and sports entertainment company, headquartered in Mumbai, India.

Per their press release….

“SMAAASH presently owns and operates over 30 family entertainment centers across India. SMAAASH which is currently going through a global expansion, owns an entertainment center in the Mall of America, Minneapolis, USA, and is in the process of opening in Dubai center which is expected this quarter. SMAAASH has a market leader position in India, and is experiencing rapid growth, expecting to grow to around 60 centers within the next two years. SMAAASH is also actively expanding to other countries including Saudi Arabia and Thailand. In fact, SMAAASH is the amongst the first such entertainment companies to be invited under Saudi Arabia’s Vision 2030, to set up a world-class entertainment center in Jeddah. Globally, SMAAASH’s entertainment centers cover an area of over 750,000 square feet, and have entertained around 5 million customers to date.”

The announcement states that the transaction values SMAAASH at an Enterprise Value of approximately $200 million with I-AM Capital retaining 24.5% ownership interest in SMAAASH.  I-AM Capital raised $52.7 million in its IPO and the 24.5% ownership assumes the full $49 million is invested (no redemptions and net closing fees and expenses).

Additional analysis forthcoming as soon as additional information is available.