000-30653
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20-8143439
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of Each Class
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Trading Symbol
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Name of Exchange on Which Registered
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Common Stock
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GLXZ
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OTCQB marketplace
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Item 1.01
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Entry into a Material Definitive Agreement
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Item 9.01
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Financial Statements and Exhibits
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Exhibit
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Description
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First Amendment, dated August 21, 2020, to Membership Interest Purchase Agreement dated February 25, 2020, between the Company and the membership interest holders of PGP.
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Press Release dated as August 24, 2020 announcing the Company’s completion of the acquisition of the purchase of PGP’s membership interest.
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GALAXY GAMING, INC.
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By:
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/s/ Harry C. Hagerty
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Harry C. Hagerty
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Chief Financial Officer
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2.4 |
Closing Account Balance and Apportionments.
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2.4.1 |
The Sellers and the Purchaser hereby acknowledge that, at the date of Closing, certain cash will remain in the bank account set forth on Schedule 3.21 (“Bank Account”) (“Closing Account Balance”).
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2.4.2 |
The Sellers shall use reasonable endeavours to ensure that the balance of the Bank Account is not less than US$200,000 (or such lower figure as the Purchaser has consented to, acting reasonably) in the period between Closing and 31 October
2020 or such later date as the Purchaser and the Sellers agree (“Post-Closing Period”).
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2.4.3 |
The Sellers and the Purchaser further acknowledge that the Closing Account Balance is for the account of the Sellers, subject to Article 2.4.4.1.
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2.4.4 |
All costs, expenses and outgoings of the Business:
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2.4.4.1 |
which relate to any period of time before and up to the Closing Date, including any costs, expenses and outgoings of the Business that may be incurred after the Closing Date but that are attributable to the period of time before and up to
the Closing Date, shall be borne and paid by the Sellers;
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2.4.4.2 |
which relate to any period of time after the Closing Date shall be borne and paid by the Purchaser; and
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2.4.4.3 |
which relate to a period which falls both before and after the Closing Date shall be apportioned on a time apportioned basis (based on the number of days in the relevant period) between the Purchaser and the Sellers but with the Closing
Date itself apportioned on a 50/50 basis, and each party shall duly and promptly discharge its apportioned share of such costs, outgoings and expenses and where the Sellers have made payments which relate to the Purchaser’s apportioned
period, such payment shall be treated as an adjustment to the Purchase Price.
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2.4.5 |
All income or other amounts receivable in respect of the Business received after the Closing Date:
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2.4.5.1 |
which relate to any period of time prior to and including the Closing Date, including any income or amounts receivable that may be invoiced after the Closing Date but that are attributable to the period of time before and up to the Closing
Date, shall belong to and be payable to and enforceable by the Sellers, provided that until 31 October 2020 only, the amounts payable to the Sellers shall be payable to the Sellers only if they would not result in the balance of the Bank
Account being less than US$200,000 and any such payments will be in amounts of not less than US$50,000;
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2.4.5.2 |
which relate to any period of time after the Closing Date shall belong to and be payable to and enforceable by the Purchaser; and
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2.4.5.4 |
each party shall account to the other for any such income or other amounts referred to at 2.4.5.3 as soon as practicable following receipt in cleared funds after the Closing Date, and in no event later than 90 days following
Closing. Each party shall cooperate with the other parties and provide all documentation reasonably necessary for the parties to provide a full and accurate accounting.
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2.4.6 |
The Purchaser shall direct and procure that the Company transfers income due to the Sellers as a result of Article 2.4.5.1 or Article 2.4.5.3, less the costs referred to in Article 2.4.4.1 or Article 2.4.4.3,
as the Sellers shall collectively direct Purchaser in writing signed by each of the Sellers:
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2.4.6.1 |
subject to Article 2.4.5.1, at any time during the Post-Closing Period; or
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2.4.6.2 |
at any time from the expiry of the Post-Closing Period.
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PURCHASER:
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LEGAL OWNER:
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BOSTON NOMINEES LIMITED
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By:
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Name:
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Its:
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SELLERS:
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Name:
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Its:
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CHRIS REYNOLDS
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SAM WILLIAMS
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Media:
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Robyn Brewington (702) 936-5216
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Investors:
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Harry Hagerty (702) 938-1740
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