New Wave Announces Completion of Share Consolidation

TORONTO, May 8, 2020 /CNW/ - New Wave Holdings Corp. (the "Company" or "New Wave") (CSE: NWES) announces that it completed its previously announced consolidation of its common shares on a three (3) for one (1) basis (the "Consolidation"). The Company currently has 30,035,308 common shares issued and outstanding.  Concurrently, the Company changed its name from "New Wave Esports Corp." to "New Wave Holdings Corp." and changed its trading symbol from NWES to SPOR.

Per the Company's news release dated April 21, 2020, the number of listed warrants of the Company will not be altered by the Consolidation; however the warrants will be adjusted in accordance with the terms of the indenture under which they were issued, such that three warrants will be exercisable for one common share.  Accordingly, there are at present 21,737,865 warrants of the Company listed on the CSE under the symbol SPOR.WT, which are exchangeable for approximately 7,245,955 common hares at an adjusted exercise price of $0.54 per common share.

About New Wave Holdings Corp.

New Wave Holdings is an investment issuer that provides capital and support services to multiple emerging industries, including esports and psychadelics

HIGHLIGHTS OF THE NEW WAVE PORTFOLIO:

• Avatar One Esports Capital Corp.: An esports acquisition vehicle, Avatar has invested in Real Time Games Holdings Limited, owners and operators of Luckbox. Luckbox is an esports wage betting platform (minority stake investment at a $1M valuation).
  
  
• Even Matchup Gaming: Events company bringing esports to the masses through over 80 annual events (minority investment).
  
  
• PlayLine: Daily fantasy sports betting platform, co-founded by UFC middleweight champion Michael Bisping, with two-time NBA All-Star Roy Hibbert as their Investor/Strategic Partnerships Manager (minority stake investment at a $4M valuation).
  
  
• Talon Esports: Professional esports team operator in Asia providing a supportive platform to elevate its players to compete at the highest levels in triple-A gaming titles (minority stake investment at a $4M valuation).
  
  
• Thunderbolt CDG: Software applications and technology development company that has provided services for 40+ startup companies (wholly-owned subsidiary).
  
  
• Tiidal Gaming: Esports organization that owns and operates Canada's premier esports team Lazarus, one of the highest-grossing teams in the world (minority stake investment at an $8M valuation).

SOURCE New Wave Holdings Corp.

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