FansUnite begins trading on TSX following record Q1 results, Ontario launch

Sports and entertainment company FansUnite Entertainment announced Tuesday its common shares have been approved for listing on Toronto Stock Exchange and has started trading on TSX under its existing symbol "FANS", effective at the market opening on July 5, 2022. 

Concurrent with listing on TSX, the common shares of the company will cease to trade on the Canadian Securities Exchange. "Shareholders are not required to exchange their share certificates or take any other action in connection with the listing, as there will be no change in the trading symbol or CUSIP for the common shares," the company explained."

Darius Eghdami, President, @fansunite (TSX:FANS), and his team joined us to celebrate the Company’s new listing on #TSX and open the market. $FANS is a global sports and entertainment company, focusing on technology related to regulated and lawful online gaming. pic.twitter.com/ZI80X8SAob

— Canada's Markets (@tsx_tsxv) July 6, 2022

The Vancouver-based company is uplisting to the TSX after a successful first quarter that found it breaking revenue records and posting its first cash flow positive quarter in history. It will also continue to trade its common shares on the OTCQX market in the United States under the symbol "FUNFF".

“Uplisting to the TSX from the Canadian Securities Exchange is an accomplishment for any public issuer, as evidenced by the number of companies that successfully make the transition," FansUnite President Darius Eghdami told The Market Herald last week. "By trading on a larger exchange, we are in a position to have greater reach to domestic and international institutional investors that are looking to add an established gaming operator to their portfolio.”

The company focuses on technology related to its proprietary iGaming platform Chameleon, which offers operators a full suite of sports and esports gaming solutions. But aside from providing B2B services, FansUnite also operates multiple B2C brands, such as Scottish sportsbook McBookie and Brazilian eSportsbook VamosGG. It also produces casino-style slot games under its Askott Games subsidiary, while also serving as the parent company of North American-focused American Affiliate.

Back in April, the company received its Gaming Related Supplier - Manufacturer license from the Alcohol and Gaming Commission of Ontario (AGCO), allowing the company to become a fully registered supplier of sports betting and internet gaming in Ontario, and began operating in the new iGaming and sports betting market on April 4. 

On May 27, FansUnite reported its first cash flow positive quarter in history in Q1, while setting a new quarterly revenue record of CAD 9.7 million ($7.4 million) for the first three months of the year, an 804% increase from Q1 2021. CEO Scott Burton labeled this "a significant milestone in the current market."