Playstudios Inc - MYPS STOCK NEWS

PLAYSTUDIOS is reviving its popular Summer of Slots event after a two-year pause, inviting players to join in-person celebrations across multiple locations in North America. Kicking off on June 23, the event will feature games, giveaways, and opportunities for players to exchange loyalty points for tickets. The series includes stops in Las Vegas, Canada, and the East Coast, enhancing player engagement while reinforcing the company's commitment to its gaming community.

PLAYSTUDIOS (NASDAQ: MYPS) has partnered with Big Bus Tours to offer exclusive rewards experiences through its playAWARDS loyalty platform starting May 27. Players can exchange loyalty points for discounted tickets to Big Bus Tours in Las Vegas, featuring a hop-on, hop-off service showcasing the city's attractions. This partnership aims to enhance the rewards portfolio with a range of sightseeing experiences, complementing existing offerings in hotel, dining, and entertainment.

PLAYSTUDIOS, Inc. (NASDAQ: MYPS) announced the results of its offer to purchase outstanding public and private placement warrants at $1.00 each. The offer expired on May 13, 2022, resulting in 1,792,463 public warrants tendered, representing about 25% of the total, while no private placement warrants were submitted. Consequently, the Warrant Amendment to redeem warrants at $0.90 was not approved. The total cash payment for the tendered public warrants will be $1,792,463, to be disbursed promptly.

PLAYSTUDIOS reported Q1 2022 revenue of $70.5 million, a 5% decline from $74.1 million in Q1 2021. The company incurred a net loss of $25.2 million compared to a net income of $5.9 million a year prior. Despite the loss, playAWARDS purchases surged by 54% year-over-year with retail value up by 80%. The company reaffirmed its full-year revenue forecast between $305 million and $325 million, aiming for an AEBITDA of $40 million to $50 million. CEO Andrew Pascal emphasized strategic enhancements and partnerships, particularly for the playAWARDS platform.

PLAYSTUDIOS has partnered with Lighthouse Immersive to enhance its playAWARDS loyalty program, starting with the Immersive Van Gogh exhibit in Las Vegas. Players can now redeem loyalty points for tickets to this unique experience, which utilizes advanced projection technology to showcase the artist's works. The exhibit operates in 14 cities across the U.S. and Canada, aiming to attract a new audience to the arts. This partnership expands PLAYSTUDIOS' offerings alongside renowned brands like MGM and Wolfgang Puck.

PLAYSTUDIOS (NASDAQ: MYPS) has announced an extension of its warrant purchase offer deadline to May 13, 2022, allowing holders more time to participate. The offer encourages the purchase of outstanding public and private placement warrants at $1.00 each. Additionally, the company is seeking consents to amend the Warrant Agreement, permitting a cash redemption of warrants at $0.90, a decrease from the offer price. As of April 27, 2022, 33,606 public warrants were tendered, while no private placement warrants were submitted.

PLAYSTUDIOS (Nasdaq: MYPS) announced it will release Q1 2022 results on May 5, 2022, after market close. A conference call and audio webcast will occur at 5:00 PM Eastern Time on the same date to discuss the results. The investors can access the audio webcast via the PLAYSTUDIOS investor relations website. An audio replay will be available for one year post-call. The company is known for its innovative loyalty marketing platform playAWARDS, offering players real-world rewards from various global brands.

Stephen J. Cloobeck, a major shareholder in Playstudios, has called for the removal of Chairman and CEO Andrew Pascal, citing significant shareholder value erosion and management failures. Cloobeck points to unmet revenue projections, with 2021 revenues at $287 million compared to the expected $328 million, and lowered 2022 guidance of $305 million to $325 million. He criticizes Pascal for mismanagement, including a costly buyback of underwater warrants and failure to deliver on product promises, notably the shelved Kingdom Boss game. Cloobeck urges the Board to act and replace Pascal for better future performance.

PLAYSTUDIOS (NASDAQ: MYPS) announced an offer to buy back all outstanding public and private placement warrants for $1.00 each, aiming to streamline its capital structure. The company also seeks consent to amend the Warrant Agreement dated October 22, 2020, allowing it to redeem each warrant for $0.90, a 10% decrease from the offer price. The offer, valid until April 29, 2022, is not contingent on a minimum number of warrants being tendered. As of March 31, 2022, 10,996,631 warrants were outstanding. The company engaged PJT Partners as Dealer Manager for this initiative.