Dan Bilzerian stepping in with $25 million share acquisition to save Ignite

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Dan Bilzerian is reportedly bailing out Ignite International for CAD$25 million. GETTY IMAGES FOR IGNITE INTERNATIONAL BRANDS, LTD.

Dan Bilzerian and Ignite International Ltd. have been in the spotlight as of late following rumors and financial reports that the company was on the verge of bankruptcy.

Bilzerian is a popular Instagrammer and professional poker player. He is a venture capitalist and the founder, chairman, and chief executive office of Ignite. Given the current financial situation of his company, his followers are wondering what will be his next move to save it from getting bankrupt.

The latest press statement from Ignite reveals that Bilzerian plans to acquire 50,000 proportionate voting shares of the company “for an aggregate subscription of CA$5 million.” In addition, Bilzerian will settle CA$20 million of convertible debentures with an outside creditor. In the end, Ignite will grant Bilzerian another 200,000 proportionate voting shares in exchange for settling the debt.

“As we announced last week, we project Ignite to have a profitable fourth quarter and I am very much looking forward to seeing what the Company can do in 2021 when it should be operating on all cylinders”, Bilzerian said. “The new management team is excited to show what it can do in the fourth quarter this year and next year.”

Not one to shy away from criticism, Bilzerian attacked journalists on social media, calling out reporters on waiting for an Ignite bankruptcy with bated breath. If the reports are true that Bilzerian will dig Ignite out of bankruptcy, then the aforementioned reporters will certainly be disappointed.

Bilzerian’s move to save Ignite suggests he has greater liquidity than was originally thought. For one, he has been surrounded by allegations of his lifestyle being wholly rented, which former Ignite president Curtis Heffernan alleges in a lawsuit set to tee off at the end of 2021.

In the background, questions have begun to emerge on who is running the company behind the scenes. One running theory is Dan Bilzerian’s father, Paul, a convicted fraudster and felon, is taking the helm of the ailing company behind the scenes. Whether this is indeed the case hasn’t been confirmed.

These issues aside, it appears Bilzerian has the cash needed to resuscitate the company after a string of losses in 2020 and 2021. Will it be enough to save Ignite in the long run? Or will Bilzerian’s cash infusion be for naught? It will certainly become clear in the coming weeks.

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