Playstudios To Become The First Publicly Listed Mobile Game
Playstudios, an award-winning developer of free casual games for mobile and social platforms offering real-world rewards to loyal gamers, and Acies Acquisition Corp., a publicly traded special-purpose acquisition company, have announced that they have signed an agreement of fusion. Playstudios becomes a publicly traded company. Following the closing of the transaction, the combined company will be called PLAYSTUDIOS and will continue to trade on Nasdaq under the new symbol "MYPS".
Playstudios will be the next social casino gaming company to go public. In this deal, the company will raise money through a special purpose acquisition company (SPAC).This is an increasingly common arrangement in the gaming industry where competitors take advantage of the popularity of games during the pandemic to raise more money or acquire companies.
Key Transaction Terms
The transaction involves a business valuation for Playstudios of $ 1.1 billion, projected for 2022. The company is expected to have approximately $ 290 million in cash and a public equity coin to accelerate Playstudios growth initiatives. The boards of directors of each of Acies and Playstudios have approved the transaction which is subject to other customary closing conditions. The transaction is expected to close during the second quarter of 2021.
Andrew Pascal, Playstudio CEO said that by becoming a public company and securing the resources and support of key institutional investors will allow the company to accelerate growth as they launch new products, pursue new acquisition opportunities and expand the unique playAWARDS loyalty program.
Acies Acquisition Corp President Jim Murren said of Playstudios that within today's vast and growing gaming market, it is unique in offering its audience the opportunity to play for fun and win for real. The focus now is to take the Playstudios platform and drive its growth.
About Playstudios
Playstudios was founded by Andrew Pascal, who also serves as President and CEO of the company, and who, following the merger, will continue to lead the company and maintain a significant equity stake. Run by a veteran team of game entrepreneurs, Playstudios is a developer and operator of free games for mobile devices and social platforms. Its collection of titles is powered by the innovative playAWARDS marketing platform, which enables players to make real-world money in 15 countries and four continents. PLAYSTUDIOS brings together the best of mobile games with an innovative platform to provide its players with an unmatched entertainment experience.
Acies Acquisition Corp.
Acies Acquisition is a newly organized company incorporated as a Cayman Islands corporation and formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more companies. The Company was established in October 2020 and its main objective is to seek business combinations within the live, location-based and mobile experiential entertainment industries. The specific sectors they are targeting include live events, family entertainment, casino games, sports betting and iGaming, and social and casual mobile gaming.
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