UK-based esports organization Semper Fortis eSports (AQSE:SEMP) has no plans to return to esports, according to news first reported by Esports Insider reporter Jake Nordland on Friday.
The company, which is publicly traded on the Aquis Stock Exchange, announced in May that it intends to invest in membership gambling platform operator GL Membership Limited (doing business as “Good Life+”) through a £250K ($317K USD) convertible loan note investment (a convertible note is typically a short-term debt that is later converted into equity, which typically includes the principal plus accrued interest). The company announced its intentions in a May filing with the Aquis Stock Exchange.
Granted a satisfying outcome of the due diligence process and regulatory approval, the filing also outlines the possibility of an acquisition of GL Membership by Semper Fortis through a reverse takeover as the company’s founders Charlie Chadd and Joe Chadd agreed to enter negotiations on a sale and purchase agreement (SPA). However, a reverse takeover—as a result of which, GL Membership would become a publicly-traded company—or a signed SPA are not guaranteed. The timeline of the proposed transactions is unclear.
Semper Fortis Chairman Keith Harris noted in the May filing that a “sustained period of due diligence” was underway to “explore the opportunity to acquire Good Life+ by way of Reverse Takeover and look forward to informing our shareholders of progress in both that and the prospects of Good Life+ itself.”
Founded in September of 2021, Good Life+ operates a monthly membership company that rewards members with “daily, luxury prize draws while and promotes “thousands of discounts and deals.”
Semper Fortis eSports was founded in January 2020 by former Football League Chairman Keith R. Harris and former Atari and Chuck E. Cheese Founder Nolan Bushnell in January 2020. Bushnell left the company and stepped down from his role as a non-executive director of the board of directors in July of 2022.
Semper Fortis exited many of the esports it competed in including FIFA, Hearthstone, Rocket League, and more in August of 2022, citing a £1.22M loss for fiscal year 2021, a lack of sponsors, and a failed attempt at blockchain based, play-to-earn gaming division called SMPR Guild. By the end of 2022, Semper Fortis wound down all esports-related activities and currently has no active operating business.
The company officially became a publicly traded company in April of 2021, raising approximately £2.55M, or $3.05M USD (using an average exchange rate in April 2021 of £1 = $1.1961 USD, according to ExchangeRates.org.uk historical data), from an IPO in April 2021.