Canada-Based iGaming Provider Mazaii Corp Bought by Las Vegas-Based SPAC

Montreal-based iGaming company Mazaii is set to go public through a merger with special purpose acquisition company (SPAC) Relativity Acquisition Corp. in a deal valued at $500 million.

The transaction will see Relativity acquire 100% of Mazaii's outstanding shares, propelling the Canadian gaming developer and platform provider onto the public market. While Mazaii boasts of providing solutions to "prominent brands" within the industry, its website currently lacks any client listings. However, they claim strategic acquisitions of unnamed companies have bolstered their presence across key regions like Europe, North America, Latin America, and Asia.

Key points about Mazaii and leadership:

• CEO Eli Baazov previously worked at Amaya Gaming, known for acquiring PokerStars.

• Speculation links Baazov to Amaya’s founder David Baazov.

• Baazov was reportedly involved in efforts to list Vida Gaming, a VR software firm, on Nasdaq.

The deal's completion hinges on several factors, including due diligence, regulatory approvals, final agreement negotiations, and board sign-off from both parties. Assuming everything falls into place, the merger is expected to close in the latter half of 2024.

Mazaii’s strategic outlook includes:

• Using the SPAC merger as a springboard for global expansion.

• Leveraging proprietary intellectual property and organic growth.

• Aiming to disrupt the gaming landscape and create long-term shareholder value.

For Relativity, the Mazaii acquisition presents a lucrative opportunity for growth. CEO Tarek Tabsh emphasizes the potential for scalability and revenue increase, believing the combined entity will achieve a stronger competitive advantage and market position.

Relativity’s background raises some questions:

• CEO Tarek Tabsh and CFO Steven Berg both have extensive experience in cannabis-related ventures.

• Director Emily Paxhia also has ties to the cannabis industry, while John Quelch brings a diverse business background.

• Despite listing on Nasdaq in 2022, Relativity received a delisting notice in April 2024 due to unpaid fees of $81,000 and has faced setbacks, such as the stalled acquisition of SVES Apparel.

While Mazaii's potential is undeniable, the unanswered questions surrounding Relativity's past dealings and the lack of transparency regarding the merger announcement on their website cast a shadow on this seemingly promising union.

The coming months will reveal whether this merger becomes a catalyst for Mazaii’s rise or another stalled SPAC story.