TIDMCXS 
 
17 August 2023 
 
ChallengerX plc 
 
                                                           ("ChallengerX", "CXS" 
or the Company") 
 
FlashBet App Rights Acquisition and Equity Issue 
 
ChallengerX  (AQUIS: CXS), the company that employs both traditional and non 
-traditional marketing strategies to rapidly "professionalise" amateur and semi 
-professional sports clubs around the world, is pleased to announce that it has 
entered into an exclusive licence agreement with Flash Corp Technologies Ltd 
("Flash Corp") by which the Company has acquired a renewable 13-month license 
over the rights of FlashBet Wheel App's design and technology in UK and Europe, 
for a consideration to be satisfied by 80,000,000 new ordinary shares of £0.001 
each issued at market price of 0.55p in ChallengerX ("New Shares"), representing 
18.91% of the enlarged issued share capital of ChallengerX. Under the terms of 
the licence agreement, ChallengerX has the right to continually extend the 
license on a year-by-year basis for a royalty fee calculated as an amount equal 
to 10% of ChallengerX's yearly revenue. In addition, at any time during or at 
the end of the licence term, ChallengerX will have the right to acquire the 
exclusive rights to the intellectual property relating to FlashBet Wheel App 
Technology in perpetuity for a consideration to be satisfied by the issue of 
900,000,000 shares. 
 
About Flash Corp and the FlashBet Wheel App: 
 
Flash Corp is a company that develops and promotes technology for the sports 
betting and gaming industry. Flash Bet is a patented digital gaming platform 
that aims to improve the way bettors engage with online betting. Flash Corp's 
shareholders comprise a number of individuals and companies, with Tik Tok 
Technologies Limited (a company incorporated in England & Wales, with company 
number 10221419; for the avoidance of doubt, the company has no connection with 
TikTok app or its parent company ByteDance Ltd) and Gazelle Investments Limited 
(a company incorporated in the Turkish Republic of Northern Cyprus with company 
number MS15508) holding respectively approximately 41% and 27%. 
 
 The FlashBet Wheel App is an innovative parlay/accumulator betting product. The 
platform removes the friction from the process via a gamified "betting wheel" 
that the Flash Corp intends to integrate into gaming operation portfolios, while 
at the same time building an internal B2C (direct-to-costumer) customer 
acquisition on-ramp at scale. 
 
For further information, please see https://flashfreeplay.com/ 
 
Admission: 
 
The New Shares rank pari passu with existing shares in issue. Application will 
be made for the New Shares to be admitted to trading on the AQSE Growth Market 
and admission is expected to become effective, and dealings in the New Shares 
are expected to commence on or around 23 August 2023 ("Admission"). 
 
Total Voting Rights: 
 
Following Admission, the Company's issued share capital will comprise 
423,140,556 ordinary shares of £0.001 each, with each share carrying the right 
to one vote. The Company holds no shares in Treasury.  Accordingly, the above 
figure 423,140,556, may be used as the denominator for calculations by which 
they will determine if they are required to notify their interest in, or a 
change to their interest in, the Company under the FCA's Disclosure Guidance and 
Transparency Rules. 
 
This announcement contains inside information for the purposes of the UK Market 
Abuse Regulation and the Directors of the Company are responsible for the 
release of this announcement. 
 
For further information, please contact: 
 
Enquiries: 
 
ChallengerX plc 
 
John May, Chairman                jmay@city-westminster.com 
Stuart Adam, CFO                sjadam@city-westminster.com 
First Sentinel Corporate                   +44 7876 888 011 
 
AQSE Corporate Adviser Brian 
Stockbridge / Gabrielle 
Cordeiro 
[][][][][][][][] 
NOTIFICATION OF 
MAJOR HOLDINGS 
(to 
be sent to the 
relevant issuer 
and 
to the FCA in 
Microsoft Word 
format 
if possible) [i] 
 
1a. Identity of                  ChallengerX PLC 
the issuer or the 
underlying issuer 
of existing 
shares 
to which voting 
rights are 
attached 
[ii]:[ ] 
1b. Please 
indicate if the 
issuer is 
a non-UK issuer 
(please mark with 
an 
"X" if 
appropriate) 
Non-UK issuer 
2. Reason for the 
notification 
(please mark the 
appropriate box 
or 
boxes with an 
"X") 
An acquisition or                                            X 
disposal of 
voting 
rights 
An acquisition or 
disposal of 
financial 
instruments 
An event changing 
the breakdown of 
voting rights 
Other (please 
specify) [iii]: 
3. Details of 
person subject to 
the 
notification 
obligation [iv] 
Name                             Flash Corp Technologies 
                                 Ltd 
City and country                 Henfield, United 
of registered                    Kingdom 
office (if 
applicable) 
4. Full name of 
shareholder(s) 
(if 
different from 
3.) [v] 
Name 
City and country 
of registered 
office (if 
applicable) 
5. Date on which                 17 August 2023 
the threshold was 
crossed or 
reached [vi]: 
6. Date on which                 17 August 2023 
issuer notified 
(DD/MM/YYYY): 
7. Total 
positions of 
person(s) 
subject to the 
notification 
obligation 
                  % of voting  % of voting  Total of both  Total 
                  rights       rights       in % (8.A +    number of 
                  attached to  through      8.B)           voting 
                  shares       financial                   rights 
                  (total       instruments                 held in 
                  of 8. A)     (total of                   issuer 
                               8.B 1 + 8.B                 (8.A + 
                               2)                          8.B) [vii] 
Resulting         18.91%       0            18.91%         80,000,000 
situation on the 
date on 
which threshold 
was crossed or 
reached 
Position of       0            0            0 
previous 
notification 
(if applicable) 
 
[][][][][][][] 
8. Notified 
details of the 
resulting 
situation on 
the date on 
which the 
threshold was 
crossed or 
reached [viii] 
A: Voting 
rights 
attached to 
shares 
Class/type of   Number of voting                        % of voting rights 
sharesISIN      rights [ix] 
code (if 
possible) 
Direct(DTR5.1)  Indirect (DTR5.2.1)     Direct(DTR5.1)  Indirect(DTR5.2.1) 
Ordinary        80,000,000                              18.91% 
shares 
GB00BMD0WG01 
 
SUBTOTAL 8. A   80,000,000                              18.91% 
 
B 1: Financial 
Instruments 
according to 
DTR5.3.1R (1) 
(a) 
Type of         Expiration  Exercise/     Number of 
% of 
financial       date [x]    Conversion    voting 
voting 
instrument                  Period        rights 
rights 
                            [xi]          that may 
                                          be 
                                          acquired 
                                          if the 
                                          instrument 
                                          is 
                                          exercised/c 
                                          onverted. 
 
                            SUBTOTAL 
                            8. B 1 
 
B 2: Financial 
Instruments 
with similar 
economic 
effect 
according to 
DTR5.3.1R (1) 
(b) 
Type of     Expiration      Exercise/   Physical or 
Number of voting rights  % of 
financial   date [x]        Conversion  cash 
voting 
instrument                  Period      Settlement 
rights 
                            [xi]        [xii] 
 
                                        SUBTOTAL 8.B.2 
 
[][][][] 
9. Information in 
relation to the 
person subject to 
the notification 
obligation 
(please mark the 
applicable box 
with an "X") 
Person subject to 
the notification 
obligation is not 
controlled by any 
natural person or 
legal entity and 
does not control 
any other 
undertaking(s) 
holding directly 
or indirectly an 
interest in the 
(underlying) 
issuer [xiii] 
Full chain of                                                           X 
controlled 
undertakings 
through which the 
voting rights 
and/or the 
financial 
instruments are 
effectively held 
starting with the 
ultimate 
controlling 
natural person or 
legal entity 
(please add 
additional rows 
as necessary) 
[xiv] 
Name [xv]         % of voting rights if it equals or is  % of voting  Total of 
                  higher than the notifiable threshold   rights       both if it 
                                                         through      equals or 
                                                         financial    is higher 
                                                         instruments  than the 
                                                         if it        notifiable 
                                                         equals or    threshold 
                                                         is higher 
                                                         than the 
                                                         notifiable 
                                                         threshold 
Tunch Kashif      7.59%                                               7.59% 
(chain 1) 
Gazelle 
Investments Ltd 
Tik Tok 
Technologies Ltd 
Meral Kashif      3.82%                                               3.82% 
(chain 2) 
Gazelle 
Investments Ltd 
Tik Tok 
Technologies Ltd 
Tik Tok           7.78%                                               7.78% 
Technologies Ltd 
(chain 3) 
10. In case of 
proxy voting, 
please identify: 
Name of the proxy 
holder 
The number and % 
of voting rights 
held 
The date until 
which the voting 
rights will be 
held 
11. Additional 
information [xvi] 
The percentage of 
voting rights 
held by Tik Tok 
Technologies Ltd 
includes the 
voting rights for 
Tunch Kashhif & 
Meral Kashif that 
Tunch Kashif 
holds through 
both his own 
shares in Tik Tok 
Technologies Ltd, 
and that of which 
both Meral Kashif 
and Tunch Kashif 
hold through 
Gazelle 
investments Ltd 
shareholding in 
Tik Tok 
Technologies Ltd. 
Of the 7.78% 
voting rights 
that Tik Tok 
Technologies Ltd 
(chain 3) holds, 
2.10% is 
ultimately held 
by Tunch Kashhif 
and 1.30% is held 
by Meral Kashif 
 
Place of completion  UK 
Date of completion   17 August 2023 
 
 
This information was brought to you by Cision http://news.cision.com 
https://news.cision.com/challengerx-plc/r/flashbet-app-rights-acquisition-and-equity-issue,c3818958 
 
 
END 
 
 

(END) Dow Jones Newswires

August 17, 2023 02:00 ET (06:00 GMT)

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