Shares of Mer Telemanagement Solutions Ltd [NASDAQ: MTSL] skyrocketed during the trading session of Friday. The strong performance of the firm has indicated the positive sentiments of the investors after it has disclosed that it has inked a conclusive Agreement and Plan of Merger with SharpLink, Inc.
After the execution of the agreement, the firm will alter its name and engage in the business of SharpLink under new leadership and Board control. The execution of the deal is dependent on the approval from the boards of directors of MTSL. SharpLink has gained recognition as an early pioneer in the sports betting conversion market.
Shares of Mer Telemanagement surged 35.89% as it gained +1.03 during the trading session of Friday. The firm has set the price of $3.90. In the past 52-weeks of the trading session, it has recorded a change of $0.83 from its 52-week low range and $3.81 from its 52-week high range. The firm’s share has surged 375.90% and 3.67% from its 52-weeks low and high, respectively.
SharpLink presently has contractual relations with sports teams, media firms, and league operatives, among them, are PGA TOUR and NASCAR. Both capitalize on SharpLink’s heritage “free-to-play” game platform to improve user participation and gaming policies. Morgan Stanley predicted that the online sports betting market will create over $9.2 billion in yearly revenue in the U.S. only by 2025, with the global market presently several times that sum.
Moreover, as per the deal, the owners of SharpLink’s outstanding common stock and preferred stock just prior to the amalgamation will obtain ordinary shares and preferred shares, as appropriate, of MTS in the merger. Furthermore, SharpLink shareholders are anticipated to hold nearly 86% of the merged firm. The board of directors of both firms has mutually authorized the merger deal.