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Wednesday, June 29, 2022

What is behind the upsurge of NTN Buzztime Inc. (NASDAQ: NTN) stock during after-hours?

NTN Buzztime Inc. (NASDAQ: NTN) stock show a decline of 3.83% during regular trading while the stock is skyrocketing in after-hours by 61.80% after NTN Buzztime announced the approval of its merger with Brooklyn Immuno therapeutics by the stockholder. NTN Buzztime is a company that produces interactive entertainment and unconventional technology that facilitates its customers to acquire, engage and keep their patron. At the same time, Brooklyn is a pharmaceutical company that focuses on developing therapies to treat cancer patients.

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What is happening?

NTN Buzztime has announced that its stockholders have approved the merger between NTN and Brooklyn Immunotherapeutic LLC. It is expected that the merger will close in the next two weeks since it is still liable to customary closing conditions and regulatory approvals. In the meeting between NTN Buzztime and Brooklyn following proposals got approved:

  • The proposal I related to the issuance of NTN’S common stock shares to Brooklyn membersfollowing the merger and the resulting change of control.
  • Proposal 2, approving an amendment to NTN’s certificate of incorporation to effect a reverse stock split of NTN’s common stock, with one new share for every 2 to 10 existing shares. 
  • Proposal 3, approving a change or improvisation in NTN’s certificate of incorporation to elevate the number of authorized shares to 100million shares.
  • Proposal 5, approving the request to change NTN’s corporate name to Brooklyn Immunotherapeutic, Inc. in NTN’s certificate of incorporation, at the closing of this merger.
  • Proposal 7, accepting and approving the Brooklyn Immunotherapeutic, Inc. 2020 Stock incentive plan.
  • And lastly, proposal 8, approving the compensation that will be payable or paid based on advisory to the named executive officers of NTN mentioned in the merger. 

Besides this, the two proposals which did not get approval are as follows:

  • Proposal 4, to make a change in NTN’s certificate of incorporation to provide a voting right to the holders of NTN’s outstanding series A convertible preferred stock on an as converted to everyday stock basis.
  • Proposal 6, to sell the assets related to NTN’shistorical business to eGames.com Holding LLC.

The investors would be looking forward to this merger which is expected to be beneficial for both NTN and Brooklyn.

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