- SPAC Alpine Acquisition (NASDAQ:REVE) stated Thursday that it has signed a definitive deal to acquire a micro-amusement parks company - Two Bit Circus - in a $50M all-stock reverse takeover.
- Alpine also has inked an agreement to purchase two full-service conference hotels located in Denver, CO and Stamford, CT from affiliates of Atrium Hospitality, LP.
- It comes at a purchase price of Alpine issuing 4.98M of its shares to Two Bit Circus and 1.95M shares and $65M cash to sellers of the hotels being acquired.
- Upon closing, Alpine plans to commence transformational renovations of both properties and for it to be rebranded to Revelers Resorts, using Two Bit Circus’s proprietary technology and and entertainment experiences.
- The combined company is to be renamed to Two Bit Entertainment and be listed on Nasdaq under the symbol REVE.
- Closing of the transactions is expected in Q3 2022.
- “Two Bit Circus, Inc, is an industry leader in experiential technology entertainment, and we look forward to joining with their talented team of innovators and their extensive portfolio of social experiences to create a new one of a kind world-class family entertainment brand,” said Elan Blutinger, Chairman of Alpine, “and purchasing two well located conference center hotels aligns with our team’s background in hospitality entertainment.”
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