GDEV Announces an At-The-Market Offering
GDEV Inc. (Nasdaq: GDEV), an international gaming and entertainment company, has announced an at-the-market (ATM) offering. The company has entered into a Sales Agreement with Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. to sell up to 1,757,026 ordinary shares held in treasury. These shares were previously acquired through a tender offer that expired in January 2024.
The ATM offering aims to increase trading liquidity by expanding the company's public float. GDEV plans to use the net proceeds for general corporate purposes, including working capital. The shares will be sold through various methods, including direct sales on NASDAQ and negotiated transactions at prevailing market prices.
GDEV Inc. (Nasdaq: GDEV), una società internazionale di gaming e intrattenimento, ha annunciato un'offerta at-the-market (ATM). L'azienda ha stipulato un Contratto di Vendita con Cantor Fitzgerald & Co. e Oppenheimer & Co. Inc. per vendere fino a 1.757.026 azioni ordinarie detenute in tesoreria. Queste azioni sono state precedentemente acquisite tramite un'offerta pubblica che è scaduta a gennaio 2024.
L'offerta ATM ha l'obiettivo di aumentare la liquidità commerciale ampliando il flottante pubblico della società. GDEV prevede di utilizzare il ricavato netto per scopi aziendali generali, incluso il capitale di lavoro. Le azioni verranno vendute attraverso vari metodi, comprese vendite dirette su NASDAQ e transazioni negoziate ai prezzi di mercato prevalenti.
GDEV Inc. (Nasdaq: GDEV), una compañía internacional de juegos y entretenimiento, ha anunciado una oferta at-the-market (ATM). La empresa ha firmado un Acuerdo de Venta con Cantor Fitzgerald & Co. y Oppenheimer & Co. Inc. para vender hasta 1,757,026 acciones ordinarias mantenidas en tesorería. Estas acciones se adquirieron previamente a través de una oferta pública que expira en enero de 2024.
La oferta ATM tiene como objetivo aumentar la liquidez comercial ampliando el flotante público de la empresa. GDEV planea utilizar los ingresos netos para fines corporativos generales, incluyendo capital de trabajo. Las acciones se venderán a través de diversos métodos, incluyendo ventas directas en NASDAQ y transacciones negociadas a precios de mercado prevalecientes.
GDEV Inc. (Nasdaq: GDEV)는 국제 게임 및 엔터테인먼트 회사로서 시장에서의 (ATM) 제공을 발표했습니다. 이 회사는 Cantor Fitzgerald & Co. 및 Oppenheimer & Co. Inc.와 함께 1,757,026 주식의 보유 주식을 판매하는 판매 계약을 체결했습니다. 이러한 주식은 2024년 1월에 만료된 입찰 제안을 통해 이전에 인수되었습니다.
ATM 제공의 목표는 거래 유동성 증가를 통해 회사의 공적 유동성을 확장하는 것입니다. GDEV는 순수익을 일반 기업 목적, 자본금 포함에 사용할 계획입니다. 주식은 NASDAQ에서의 직접 판매와 현재 시장 가격에서의 협상 거래를 포함한 다양한 방법으로 판매될 예정입니다.
GDEV Inc. (Nasdaq: GDEV), une entreprise internationale de jeux et de divertissement, a annoncé une offre sur le marché (ATM). La société a signé un Accord de Vente avec Cantor Fitzgerald & Co. et Oppenheimer & Co. Inc. pour vendre jusqu'à 1,757,026 actions ordinaires détenues en trésorerie. Ces actions avaient été acquises précédemment par le biais d'une offre publique qui a expiré en janvier 2024.
L'offre ATM vise à augmenter la liquidité des transactions en élargissant le flottant public de l'entreprise. GDEV prévoit d'utiliser le produit net pour des fins corporatives générales, y compris le fonds de roulement. Les actions seront vendues par divers moyens, y compris des ventes directes sur NASDAQ et des transactions négociées aux prix du marché en vigueur.
GDEV Inc. (Nasdaq: GDEV), ein internationales Unternehmen für Gaming und Unterhaltung, hat ein at-the-market (ATM) Angebot angekündigt. Das Unternehmen hat einen Verkaufsvertrag mit Cantor Fitzgerald & Co. und Oppenheimer & Co. Inc. abgeschlossen, um bis zu 1.757.026 Stammaktien, die im Treasury gehalten werden, zu verkaufen. Diese Aktien wurden zuvor durch ein Übernahmeangebot erworben, das im Januar 2024 ablief.
Das Ziel des ATM-Angebots ist es, die Handelsliquidität zu erhöhen, indem das öffentliche Angebot des Unternehmens erweitert wird. GDEV plant, den Nettoerlös für allgemeine Unternehmenszwecke, einschließlich Betriebskapital, zu verwenden. Die Aktien werden durch verschiedene Methoden verkauft, einschließlich direkter Verkäufe an der NASDAQ und ausgehandelten Transaktionen zu den aktuellen Marktpreisen.
- Potential increase in trading liquidity through expansion of public float
- No new shares issued, preventing immediate dilution
- Flexible fundraising mechanism through ATM offering
- Proceeds to be used for general corporate purposes and working capital
- Potential future dilution of existing shareholders' stakes
- Possible downward pressure on stock price due to increased supply of shares
Insights
GDEV's announcement of an At-The-Market (ATM) offering is a strategic move with mixed implications. The company plans to sell up to 1,757,026 treasury shares, previously acquired through a tender offer. This approach allows GDEV to raise capital flexibly, adjusting to market conditions and potentially minimizing share price impact. However, it's important to note that this isn't new share issuance, which limits dilution concerns.
The primary stated goal is to increase trading liquidity by expanding the public float. This could benefit existing shareholders by potentially reducing volatility and improving ease of trading. The company's intention to use proceeds for general corporate purposes and working capital suggests no immediate large-scale projects or acquisitions are planned, which might disappoint growth-focused investors.
Investors should monitor the pace and pricing of share sales, as these will impact the offering's success and market perception. The involvement of reputable firms like Cantor Fitzgerald and Oppenheimer adds credibility but doesn't guarantee favorable execution.
GDEV's ATM offering strategy aligns with current market trends, where companies seek flexible capital-raising options amidst economic uncertainties. This approach allows GDEV to capitalize on potential market upswings while minimizing downside risks associated with traditional follow-on offerings.
The gaming and entertainment sector has seen increased volatility recently, making ATM offerings an attractive option for companies looking to strengthen their financial position. By reintroducing previously acquired shares, GDEV is effectively recycling capital while potentially improving market dynamics for its stock.
However, the success of this strategy hinges on market reception. If investors perceive this as a sign of financial strain, it could negatively impact stock performance. Conversely, if viewed as a prudent liquidity management tool, it may enhance GDEV's market standing. The company's ability to clearly communicate its intentions and effectively utilize the raised capital will be important in shaping investor sentiment.
LIMASSOL, Cyprus, Sept. 12, 2024 (GLOBE NEWSWIRE) -- GDEV Inc. (Nasdaq: GDEV), an international gaming and entertainment company (“GDEV” or the “Company”), announces today that it has entered into a Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”) and Oppenheimer & Co. Inc. (“Oppenheimer,” and together with Cantor, the “Agents”), under which we may offer and sell, from time to time, 1,757,026 ordinary shares, no par value, of the Company, held in treasury (the “Shares”), through a designated Agent in an “at the market offering” (the “ATM Offering”), as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933. The Shares correspond to the ones previously acquired pursuant to our tender offer which expired in January 2024 (the “Tender Offer”). No new ordinary shares will be issued in connection with the ATM Offering.
Any Shares offered in an ATM Offering will be sold pursuant to the Company’s registration statement on Form F-3 (Registration No. 333-282062), the related prospectus, which was filed with the Securities and Exchange Commission (the “SEC”) on September [12], 2024, after such registration statement is declared effective by the SEC, including sales made directly on or through the NASDAQ, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices and/or any other method permitted by law. The Agents will use their commercially reasonable efforts to sell the Shares from time to time, based upon the Company’s instructions. Copies of the prospectus relating to the ATM Offering may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or from the offices of the Company at 55, Griva Digeni 3101, Limassol Cyprus.
The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Cantor Fitzgerald & Co.,
Attention: Capital Markets, 110 East 59th Street, New York, New York 10022, or by email at prospectus@cantor.com and Oppenheimer & Co. Inc.
Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by telephone at (212) 667-8563, or by email at EquityProspectus@opco.com.
As previously announced in connection with the completion of the Tender Offer, the reintroduction of the shares via the ATM Offering aims to bolster the trading liquidity of the shares by increasing its public float. The Company intends to use the net proceeds from the ATM Offering primarily for general corporate purposes, including working capital.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About GDEV Inc.
GDEV is a hub of gaming studios, focused on development and growth of its franchise portfolio across various genres and platforms. With a diverse range of subsidiaries including Nexters and Cubic Games, among others, GDEV strives to create games that will inspire and engage millions of players for years to come. Its franchises, such as Hero Wars, Island Hoppers, Pixel Gun 3D and others have accumulated hundreds of millions of installs worldwide.
Contacts:
Investor Relations
Roman Safiyulin | Chief Corporate Development Officer
investor@gdev.inc
Cautionary statement regarding forward-looking statements
Certain statements in this press release may constitute “forward-looking statements” for purposes of the federal securities laws. Such statements include statements about plans relating to the Sales Agreement and any ATM Offering thereunder and statements relating to use of proceeds from the sales, and are based on current expectations that are subject to risks and uncertainties.
The forward-looking statements contained in this press release are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s 2023 Annual Report on Form 20-F, filed by the Company on April 29, 2024, and other documents filed by the Company from time to time with the SEC. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
FAQ
How many shares is GDEV offering in its ATM program?
What is the purpose of GDEV's ATM offering announced on September 12, 2024?
Will GDEV issue new shares for the ATM offering announced in September 2024?