Should PlayUp consummate a deal to sell its US operations, it would mark the end of a soap opera-esque saga for the gaming company in this country.
In early 2022, the company landed $35 million in funding from now-defunct cryptocurrency exchange operator FTX. There was talk that FTX was mulling a $450 million acquisition of PlayUp — a deal that supposedly collapsed because then CEO Dr. Laila Mintas wouldn’t stay on with the firm following the acquisition. PlayUp later filed litigation in federal court against Mintas, alleging she bashed her former employer to FTX.
FTX ultimately collapsed last November amid allegations that CEO Sam Bankman-Fried and others defrauded investors, sparking liquidity and solvency concerns that were eventually proven accurate.
Last September, PlayUp announced plans to go public via a reverse merger with IG Acquisition Corp., a special purpose acquisition company (SPAC) controlled by Bradley Tusk. That the deal fell apart in January after IG Acquisition claimed PlayUp failed to provide material financial documents in the previous month. The offer valued the gaming company at $350 million.
In early 2022, the company landed $35 million in funding from now-defunct cryptocurrency exchange operator FTX. There was talk that FTX was mulling a $450 million acquisition of PlayUp — a deal that supposedly collapsed because then CEO Dr. Laila Mintas wouldn’t stay on with the firm following the acquisition. PlayUp later filed litigation in federal court against Mintas, alleging she bashed her former employer to FTX.
FTX ultimately collapsed last November amid allegations that CEO Sam Bankman-Fried and others defrauded investors, sparking liquidity and solvency concerns that were eventually proven accurate.
Last September, PlayUp announced plans to go public via a reverse merger with IG Acquisition Corp., a special purpose acquisition company (SPAC) controlled by Bradley Tusk. That the deal fell apart in January after IG Acquisition claimed PlayUp failed to provide material financial documents in the previous month. The offer valued the gaming company at $350 million.
