Rivalry Reports Resignations Amid Operating Cutbacks

Rivalry, an operator based in Ontario, has announced the resignation of four board members in a recent investor update. Among those resigning are two executive board members who also held the roles of Chief Technology Officer and Chief Operating Officer. Additionally, interim Chief Financial Officer Demi Abidogun-Benson has stepped down following the company's earlier announcement in February regarding a significant reduction in operational activities. This reduction stemmed from a period of recent performance volatility. At that time, Rivalry informed investors that it was reviewing its strategic options concerning its assets and operations. This review involved a considerable workforce downsizing and a sharp cut in operating expenses. The company noted that it had paused player activity on its platform and was facilitating player withdrawals. The four board members who have resigned this week are Stephen Rigby, Steven Isenberg, Ryan White, and Kevin Wimer. Rivalry has not provided further details on whether it plans to replace these members in the near future. In February, while initiating its strategic review, Rivalry indicated it was in discussions with third parties regarding potential transactions. The board has since determined to materially decrease operational scale while considering whether any strategic transaction or alternative is feasible. Given the company's reduced operations and ongoing evaluation, there is no assurance that a strategic alternative will be finalized or that current operations will remain unchanged. This wind-down process follows a previous strategic review in 2025, which aimed to support its growth and expansion plans. During that period, Rivalry engaged XST Capital Group, a boutique investment bank that specializes in the digital gaming sector, to explore potential sale opportunities. CEO Steven Salz remarked at the time that this review was a natural step in assessing how to best create long-term value for stakeholders while enhancing their gaming platform. Additionally, Rivalry had secured a $650,000 principal amount senior unsecured loan from an existing senior lender.