Competitive casual gaming and eSports technology developer Streamplay Studio (ASX: SP8) has used the terms of an agreement to utilise a “call option” to buy back the MIGGSTER source code for a nominal fee of $1.
Formerly known as Emerge Gaming, Steamplay executed a binding agreement to sell the Miggster Business for $5,000,000.
According to Streamplay, the Purchaser paid a total of $2.55 million, but did not pay the balance of$2.45M owing within the defined settlement period.
As a result, Streamplay has executed its call option and will now reclaim its source code, intellectual property (IP), customer base and associated data by assignment while retaining the AUD$2.55M in proceeds that have been paid, with no further obligations from Streamplay to the purchaser.
The company told the ASX it has begun the process of ensuring the prompt return of its IP and related items which it aims to complete by the end of October 2023.
In anticipation of the potential execution of the call option, the vompany fully provisioned for non- payment of the consideration balance in its Annual Financial Statements for the year ended 30 June 2023.
