Grom Social Enterprises Working Towards Definitive Documents Phase of Acquisition of Texas-based Arctic7 Full Gaming Developer

BOCA RATON, Fla., April 30, 2024 (GLOBE NEWSWIRE) -- Grom Social Enterprises, Inc. (NASDAQ: GROM), a leading provider of family-friendly media and technology solutions, today announced that it has entered the definitive documents draft phase for its slated acquisition of Arctic7, Inc. (Arctic7.com), the emerging Texas-based gaming industry service provider. The pending deal was announced jointly by both companies in March as the companies entered into a non-binding letter of intent. Upon completion of the transaction, Arctic7’s gaming development and virtual production services would be offered alongside Grom’s current portfolio of kids’ and family entertainment, social media and educational services. The move into definitive documents was confirmed today by Darren Marks, Grom’s CEO.