The Board of Directors of
The Rights Issue in brief
- The Rights Issue will, upon full subscription, provide
SOZAP with gross proceeds of approximatelySEK 11.4 million before issue costs, which are estimated to amount to a maximum of approximatelySEK 0.8 million . - The subscription price in the Rights Issue is
SEK 0.75 per share. - For each (1) existing share held on the record date
21 May 2024 , one (1) subscription right is received. Three (3) subscription rights entitle the holder to subscribe for four (4) new shares. - The last day of trading in the Company's share including the right to participate in the Rights Issue is
17 May 2024 , and the first day of trading excluding the right to participate in the Rights Issue is20 May 2024 . - The subscription period in the Rights Issue starts on
23 May 2024 and ends on7 June 2024 . Trading in subscription rights will take place between23 May 2024 and3 June 2024 .
Background and motives
The Company's first success came with ARMED HEIST, developed by the leadership team and marked
Fishing Tour showed during the soft launch levels of user engagement that exceeded the Company's internal target and previously developed games, which has led to a strategic adjustment of the organization to focus most of the resources on Fishing Tour. This underpins the Company's confidence in the game's potential to exceed industry benchmarks and achieve global scalability on a market where the biggest sports fishing games have been downloaded over 265 million times and the leading competitor game generated revenues corresponding to over
In line with the Company's strategic focus on Fishing Tour, a cost-saving program was initiated during Q4 2023, reducing fixed costs by at least
Roadmap
Q2 2024: The latest update for ARMED HEIST, incorporating the innovative system for the sale of virtual goods (IAP) developed for Fishing Tour. Given ARMED HEIST's continued strong organic presence on both the Appstore and Google Play, this update is expected to significantly improve the sale of virtual goods (IAP) and increase the average revenue per daily active user (ARPDAU).
Q2 2024: Update Questopia with additional playable content and live-ops functionality. After this update, the Company will optimize user acquisition campaigns to maximize profits, contributing to the goal of achieving positive operating cash flow.
Q2 2024: Update Fishing Tour with a further developed user interface and launch already developed game content. This will expand the game's content from 6 locations to over 20 locations and increase the number of fish species from 72 to almost 200 species, ensuring a continuous stream of engaging gameplay activities, monthly updates and live-ops.
Q3 2024: Complete and launch key features in Fishing Tour: multiplayer mode, and live-ops event system. With these features in place,
Terms of the Rights Issue
The Board of Directors of
- Anyone who is registered as a shareholder in
SOZAP on the record date,21 May 2024 , will receive one (1) subscription right for every (1) existing share. Three (3) subscription rights entitle the holder to subscribe for four (4) new shares. - The last day of trading in the Company's share including the right to participate in the Rights Issue is
17 May 2024 , and the first day of trading in the Company's share excluding the right to participate in the Rights Issue is20 May 2024 . - The subscription rights will be traded on Nasdaq First North Growth Market from
23 May 2024 to3 June 2024 . - The subscription price has been set at
SEK 0.75 per share. The subscription price represents a discount of approximately 56.4 percent to the closing price of the Company's share on Nasdaq First North Growth Market on9 April 2024 (SEK 1.72), and a discount of approximately 35.7 percent to the corresponding theoretical ex-rights price (TERP) assuming full subscription in the Rights Issue. - The subscription period commences on 23 May and ends on
7 June 2024 . - The Rights Issue comprises an issue of a maximum of 15,148,160 shares in the Company, implying gross proceeds of approximately
SEK 11.4 million upon full subscription. Issue costs are estimated to amount to a maximum of approximatelySEK 0.8 million . - Upon full subscription in the Rights Issue, the Company's share capital will increase by
SEK 1,514,816.00 , fromSEK 1,136,112.00 toSEK 2,650,928.00 , and the number of shares by 15,148,160, from 11,361,120 shares to 26,509,280 shares. For existing shareholders who do not participate in the Rights Issue, the dilution will be 57.1 percent in the case of full subscription in the Rights Issue.
Subscription commitments
The Company's Chairman
Indicative timetable for the Rights Issue
Annual General Meeting | |
Estimated date for publication of the memorandum | |
Last day of trading including subscription rights | |
First day of trading excluding subscription rights | |
Record date for the Rights Issue | |
23 May – | Trading in subscription rights on Nasdaq First North Growth Market |
23 May – | Subscription period |
Trading in paid subscribed shares (BTA) | |
Expected date for the announcement of the outcome of the Rights Issue |
Memorandum
The terms and conditions of the Rights Issue will be included in the Company's information memorandum, which is expected to be published on
Advisers
IMPORTANT INFORMATION
Publication or distribution of this press release may in some jurisdictions be subject to statutory and legal restrictions and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and observe such restrictions. The information in this press release does not constitute an offer to acquire, subscribe or otherwise trade in shares or other securities in
This press release does not constitute an offer to acquire securities in
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