Skillful Craftsman Education Technology Ltd (EDTK) Form 6-K — Oct 13, 2026
EDTK has signed a definitive agreement to acquire 70% of URAY PTE. LTD., a Singapore-based casual game developer and publisher, for 500,000 restricted EDTK shares, with URAY becoming a consolidated subsidiary upon closing (expected Q4 2026). The deal extends EDTK's AI capabilities into game creation and global publishing, anchored by URAY's SMILE AI toolset and a team behind more than 1,000 games with over one billion cumulative players. Consideration includes a 2,500,000-share performance earn-out pool tied to aggressive targets: revenue of US$12M/US$17M/US$25M and EBITDA of US$1M/US$2M/US$3M over three years, with a top-up share issuance commitment if the pool is exceeded.
Key figures
- Loan amount
- US$2 million (two US$1 million tranches)
- Non compete
- 3-year service/non-compete, plus 2 years post-departure
- Long stop date
- 60 days after signing
- Equity acquired
- 70%
- Y1 ebitda target
- US$1 million
- Y2 ebitda target
- US$2 million
- Y3 ebitda target
- US$3 million
- Y1 revenue target
- US$12 million
- Y2 revenue target
- US$17 million
- Y3 revenue target
- US$25 million
- Loan interest rate
- 7% per annum
- Consideration shares
- 500000
- Seller retained stake
- 30%
- Performance share pool
- 2500000
- Restricted share lockup
- 1 year
- Payout trigger threshold
- 90%
- Total initial share pool
- 3000000
- Second tranche revenue trigger
- US$750,000 monthly revenue
AI analysis
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