Next Games rights offering

The Board of Directors of Next Games Corporation has resolved on 25 September 2019 on a rights offering of approximately EUR 8 million with pre-emptive subscription right for existing shareholders based on the authorisation granted by the Extraordinary General Meeting held on 25 September 2019. The proceeds from the rights issue will be used to strengthen the balance sheet of the company and according to the company’s strategy, enable future investments such as product development and marketing of new products as well as be used for license payments and other general corporate purposes.

Rights offering in short

  • Next Games aims to raise gross proceeds of approximately EUR 8 million by offering new shares for subscription in a rights offering
  • The existing shareholders of the company have a pre-emptive right to subscribe for new shares issued in the offering in proportion to their existing shareholdings in the company
  • Shareholders will receive one (1) subscription right for each one (1) share held on the record date 27 September 2019
  • Each two (2) subscription rights entitle to subscribe for one (1) new share in the offering
  • The subscription price is EUR 0.86 per share
  • Subscription period commences on 2 October 2019 and expires on 16 October 2019
  • Trading in the subscription rights on First North commences on 2 October 2019 and expires on 10 October 2019
  • Existing shareholders Jari Ovaskainen and AMC Networks Ventures LLC have committed to undertakings to subscribe, subject to certain conditions, for shares in the Offering up to a maximum amount of EUR 4 million each, EUR 8 million in total, in the event that any shares remain unsubscribed for after the expiry of the subscription period of the Offering

Options for actions in the rights offering

  1. You may exercise the received subscription rights to subscribe for new shares
  2. You may trade subscription rights on First North either by buying more subscription rights or by selling a portion of your subscription rights
  3. You may sell all of your subscription rights on First North

If you do not use your subscription rights to subscribe for shares in the offering, the subscription rights will expire without compensation at the end of the subscription period. Subscription of shares and other trading related to the offering should be conducted according to the instructions received from your account operator, custodian or nominee.

Rights offering example calculation

Timetable for rights offering

26 September 2019
Ex-rights date

27 September 2019
Record date of the offering

2 October 2019
Subscription period for the offering commences

2 October 2019
Trading in the subscription rights on First North commences

10 October 2019
Trading in the subscription rights on First North expires

16 October 2019
Subscription period for the offering expires and unexercised subscription rights expire without compensation

17 October 2019
Preliminary result of the offering published (estimate)

17 October 2019
Trading in the interim shares on First North commences (estimate)

22 October 2019
Final result of the offering published (estimate)

22 October 2019
Trading in the interim shares on First North expires (estimate)

22 October 2019
Shares subscribed for in the offering are registered in the Trade Register (estimate)

23 October 2019
Interim shares are combined with the existing shares of the company on First North (estimate)

23 October 2019
Shares subscribed for in the offering are admitted to trading on First North (estimate)

Releases

Attachments

Additional information

Account operators and custodians will provide instructions regarding the offering to their customers.

Potential questions related to the offering can be addressed to the following email

investors@nextgames.com