Sports Entertainment Acquisition Holdings $12M Settlement

Class members who held Sports Entertainment Acquisition Corp. Class A common stock and did not redeem all of their shares as of the closing of the merger on Jan. 27, 2022, may qualify to claim a cash payment from a class action settlement.

Sports Entertainment Acquisition Holdings LLC agreed to pay $12,000,000 to settle a class action lawsuit alleging it breached fiduciary duty and unjust enrichment related to the merger with SGHC Limited (Super Group).

Who are the Sports Entertainment Acquisition Holdings class members?

The class includes:

• All holders of Sports Entertainment Acquisition Holdings Class A common stock who did not redeem all of their shares as of the closing of the merger on Jan. 27, 2022
• Both direct holders (those whose shares were registered in their own name) and beneficial holders (those whose shares were held through a brokerage or other nominee)

• Heirs, successors, transferees and assigns who obtained shares by operation of law

Those who held shares for someone else (such as a broker or nominee) may need to forward notice materials to the beneficial owner or provide their information to the settlement administrator.

How much can each class member get?

Pro rata payment: The amount each eligible class member receives depends on several factors, such as:

• The number of valid claims submitted
• The specific circumstances of their Sports Entertainment Acquisition Holdings shareholdings and transactions, such as when they bought and sold the stock and at what price

If a claimant's total distribution calculates to less than $10, they will not receive a payment.

Payments are subject to pro rata reduction if the total recognized claims exceed the net settlement fund.

How to claim a securities class action payment

Class members can submit an online claim form or download, print, complete and mail the PDF claim form to the settlement administrator. The deadline to submit a claim is Oct. 15, 2025.

Settlement administrator's mailing address: SEAC Stockholder Settlement, c/o A.B. Data Ltd., P.O. Box 173046 Milwaukee, WI 53217

Is proof or documentation required to submit a claim?

Yes. Class members must provide the last four digits of their Social Security number or taxpayer identification number.

They must also provide documentation to support their claim. Acceptable documents include:

• Stockbroker confirmation slips
• Stockbroker statements
• Other documents showing the class member's holdings and transactions in SEAC Class A common stock and Super Group ordinary shares

Failure to provide documentation may result in claim rejection.

Payout options

• Electronic payment
• Paper check

$12 million stockholder settlement fund breakdown

The $12,000,000 settlement fund will cover:

• Settlement administration costs: Up to $500,000 (with additional costs possible with court approval)
• Attorneys' fees and expenses: Up to $2,400,000
• Service award to class representative: Up to $5,000
• Payments to eligible class members: The remainder of the fund

Important dates

• Fairness hearing: Sept. 15, 2025
• Deadline to file a claim: Oct. 15, 2025

When is the SEAC Stockholder Settlement payout date?

Payments to eligible class members will be made after the court approves the settlement and any appeals are resolved.

Why was there a class action settlement?

The lawsuit alleged Sports Entertainment Acquisition Holdings and its directors made false and misleading statements about the merger with SGHC Limited (Super Group), which allegedly prevented stockholders from making fully informed decisions about redeeming their shares. The plaintiff claimed these actions breached fiduciary duties and resulted in unjust enrichment.

The defendants denied all allegations but agreed to settle to avoid the cost and uncertainty of further litigation.

Sources

1. Settlement agreement
2. Class notice
3. Claim form