Preliminary result of Next Games’ successful rights offering
NEXT GAMES CORPORATION, INSIDE INFORMATION, 17 OCTOBER 2019 AT 7:00 p.m. EEST
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, SOUTH AFRICA, HONG KONG, JAPAN, CANADA OR SINGAPORE OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
The subscription period of Next Games Corporation’s (”Next Games” or the ”Company”) rights offering (the “Offering”) of approximately EUR 8 million expired yesterday on 16 October 2019. The Offering was fully subscribed for. According to the preliminary result of the Offering, a total of 3,928,234 shares were subscribed for with subscription rights and 430,100 shares were subscribed for without subscription rights. A total of 4,358,334 shares were subscribed for in the Offering, representing approximately 46.9 percent of the 9,298,430 new shares offered (the “Offer Shares”). Based on the preliminary result of the Offering, subscriptions pursuant to the subscription commitments from Jari Ovaskainen and AMC Networks Ventures LLC amount to 4,940,096 shares in addition to their pro rata subscriptions, representing approximately 53.1 percent of the Offer Shares.
CEO Teemu Huuhtanen: “I am very pleased with the preliminary result of the offering. Through the completion of the offering, we have strengthened our balance sheet and finished the third and final phase of our turnaround project. The successful offering is an important step in executing our strategy and will enable our future investments. We will focus on developing and publishing our games in a faster, more efficient and manageable way. I would like to thank all Next Games current and new shareholders for their confidence in the future of the company.”
The interim shares representing the Offer Shares subscribed for in the primary subscription were admitted to trading on Nasdaq First North Growth Market Finland market place (”First North”) today, on 17 October 2019. The interim shares will be combined with the Company’s existing shares on or about 23 October 2019 after the Offer Shares have been registered with the Finnish Trade Register on or about 22 October 2019. Trading in the Offer Shares on First North is expected to commence on or about 23 October 2019.
Next Games will announce the final result of the Offering on or about 22 October 2019 when the Company’s Board of Directors has approved the subscriptions made in the Offering in accordance with the terms and conditions of the Offering.
Danske Bank A/S, Finland Branch (“Danske Bank”) is acting as the lead manager in the Offering and Castrén & Snellman Attorneys Ltd is acting as the legal advisor to the Company and Danske Bank.
+358 (0)50 483 3896
Certified Adviser: Danske Bank A/S, Finland Branch, tel. +358 10 546 7938
Next Games is the first publicly listed mobile game developer and publisher in Finland, specializing in games based on entertainment franchises, such as movies, TV series or books. The developers of the critically acclaimed The Walking Dead games redefines the way franchise entertainment transforms into highly engaging service-based mobile games. In summer 2018, Next Games launched The Walking Dead: Our World, which utilizes cutting edge AR technology and is powered by Google Maps. Currently Next Games is working on multiple new games based on popular entertainment franchises including, Blade Runner Nexus, for the popular Blade Runner franchise and a mobile game based on Netflix’s Stranger Things.
The information contained herein is not for publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, South Africa, Singapore or the United States. The issue, exercise or sales of securities in the Offering are subject to specific legal or regulatory restrictions in certain jurisdictions. The Company assumes no responsibility in the event there is a violation by any person of such restrictions.
The information contained herein shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. Investors must neither accept any offer for, nor acquire, any securities to which this document refers, unless they do so on the basis of the information contained in the applicable prospectus published by the Company.
These written materials do not constitute an offer for sale of securities in the United States, nor may the securities be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. There is no intention to register any portion of the offering in the United States or to conduct a public offering of securities in the United States.
The Company has not authorised any offer to the public of securities in any member state of the European Economic Area other than Finland. With respect to each member state of the European Economic Area, no action has been undertaken or will be undertaken to make an offer to the public of securities requiring publication of a prospectus in accordance with Regulation (EU) 2017/1129 of the European Parliament and of the Council.
The information contained herein shall not constitute a public offering of shares in the United Kingdom. This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as “relevant persons”). Any investment activity to which this document relates will be only available to, and will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
The information contained in this document is for background purposes only and does not purport to be full or complete. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this document or on its completeness, accuracy or fairness. The information in this document is subject to change. Any subscription for securities should be made solely on the basis of the information contained in the offering circular to be issued by the company in due course.
This document contains certain forward-looking statements. These forward-looking statements involve risks and uncertainties that could significantly affect expected results and are based on certain key assumptions. Many factors could cause actual results to differ materially from those projected or implied in any forward-looking statements. Due to these uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as at the date of this document. The company disclaims any obligation to update any forward-looking statements contained in this document, except as required pursuant to applicable law.