Millennial Esports Proposes Name Change, Share Consolidation

The annual Millennial Esports shareholder meeting next month may bring big changes to the company’s structure, as investors will be asked to approve both a name change and a potential stock consolidation.

On Oct. 9, Millennial Esports will officially ask shareholders permission to change names to Torque Esports Corp in an effort to put the brand name more in line with the company’s current focus on eSports racing titles.

In conjunction with the newly shifting focus, Millennial is kicking off a 30-day prize giveaway countdown with World’s Fastest Gamer, which will culminate in eSports players winning a racing simulator rig or even real-world racing lessons.

Millennial also owns Eden Games, which launched the Gear.Club Unlimited 2 racing game back in December of 2018.

Aside from the name change, the meeting will also task shareholders with addressing the question of potentially consolidating existing shares on up to a 1 to 5 basis. If approved for that full ratio, the board of directors would gain the right to convert 11.7 million current shares into 2.3 million post-consolidation shares.

Following those shareholder votes, both the potential consolidation and name change will still require regulatory approval from the TSX Venture exchange.

Commenting on the request for voting at the upcoming annual meeting, Millennial Esports Corp issued this statement:

The board of directors believes that a consolidation may be in the best interests of the shareholders of the company as it could lead to increased interest by a wider audience of potential investors and could better position the company to obtain financing and pursue acquisition opportunities.

Besides sports racing, Millennial also currently engages in overall eSports data collection operations to assist companies in monetizing online viewership.

Millennial’s data collection arm Stream Hatchet recently issued a report citing a 41% increase in live eSports streaming over the past year, representing more than 740 million additional hours of content streamed through services such as Twitch.

The specifics of those numbers, from which eSports titles generated the most views to ways to capitalize on streams with advertising, were discussed at length by Stream Hatchet during the eSports Business Summit at the MGM Grand Hotel earlier this month.

Ty Arthur

Ty Arthur has spent the last decade of his journalism career covering everything from cutting-edge tech to local news through outlets such as the Houston Chronicle. He has focused on the counterculture aspects of society, from marijuana legalization to underground music through Metalunderground.com and rapidly changing trends in the entertainment industry. He lives in the cold, dark north with his wife and son. Address: 682 Indian Road, Toronto, Ontario, M6P 2C9. Phone: 416-721-8257.