Maximum Entertainment AB (publ): Outcome of arbitration proceedings regarding earn-out dispute
Maximum Entertainment AB (publ): Outcome of arbitration proceedings regarding earn-out dispute
Stockholm, Sweden, 8 July 2026 – Maximum Entertainment AB (publ) ("Maximum Entertainment" or the “Company”) announces that the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) has today rendered a final arbitral award in the arbitration proceedings initiated in October 2024 by Christina Seelye and Thierry Bonnefoi, former sellers of the Maximum Games group, regarding earn-out consideration under the share purchase agreement entered into in December 2021.
The arbitral tribunal has found that the earn-out calculations determined by the Company’s board of directors in May 2023 (Earn-Out 1) and April 2024 (Earn-Out 2) are finally binding on the parties, and that Amendment II to the share purchase agreement is valid and binding.
The Company has been ordered to pay the following amounts together with interest:
- To Christina Seelye: USD 3,610,400 (Earn-Out 1), USD 3,316,720 (cash portion of Earn-Out 2) and SEK 29,451,568 (promissory note in respect of Earn-Out 2).
- To Thierry Bonnefoi: USD 829,180 (cash portion of Earn-Out 2) and SEK 7,362,891 (promissory note in respect of Earn-Out 2).
The Company has further been ordered to reimburse the counterparties’ legal costs in the amount of EUR 110,000 and USD 1,800,000 (excl. VAT) and to bear all costs of the arbitration proceedings. The Company’s counterclaim has been dismissed in its entirety.
The total payment obligation amounts to approximately USD 9.6 million, SEK 36.8 million and EUR 110,000, excluding interest and the costs of the arbitration proceedings. The Company will analyse the award and its financial implications in detail and intends to revert with further information.
“We acknowledge the tribunal's award and are carefully assessing its financial implications. Our priority is to address the outcome in a structured manner while maintaining focus on the Company's operations and long-term objectives. We will provide further updates as our assessment progresses.” – Jan Benjaminson, Chairman of the Board