GDEV Announces Reverse Share Split
GDEV Inc. (NASDAQ: GDEV), a global gaming and entertainment company, has announced a one-for-ten (1:10) reverse share split of its ordinary shares. This move is designed to improve marketability and liquidity for its shareholders. After the effective date, shareholders will see their shares adjusted to a split-adjusted basis, with ordinary shares continuing to trade under the existing symbol "GDEV" and a new CUSIP number being issued.
Market Impact of the Reverse Share Split
The expected rise in market price following the Reverse Share Split may boost trading interest in GDEV's ordinary shares. The company's Board of Directors has endorsed this approach, believing it serves the best interests of both GDEV and its shareholders. This decision is in line with the provisions of the BVI Business Companies Act, which permits the Board to implement such changes without requiring shareholder approval.
Mechanics of the Share Split
After the split, every ten ordinary shares of GDEV will automatically convert into one ordinary share, with no fractional shares being issued. Instead, shareholders will receive cash compensation that reflects the value of any fractional shares. Importantly, the overall rights and preferences associated with the ordinary shares will stay the same, ensuring that the Reverse Share Split is applied consistently to all shareholders.
Adjustments to Equity Instruments
The Reverse Share Split will also affect the ordinary shares tied to GDEV's 2021 Employee Stock Ownership Plan (ESOP), as well as any outstanding warrants and options. Adjustments will be made to the exercise price and the number of ordinary shares that can be obtained from these instruments, in accordance with the conditions of the Reverse Share Split.
About GDEV
GDEV serves as a central hub for gaming studios focused on developing and expanding a diverse portfolio across different gaming genres. Subsidiaries such as Nexters and Cubic Games play a vital role in this mission, striving to create engaging games for millions of players around the globe. Notable franchises like Hero Wars, Island Hoppers, and Pixel Gun 3D have achieved significant installations worldwide.
Contacts
Investor Relations: Roman Safiyulin, Chief Corporate Development Officer
Contact Email: investor@gdev.inc
Frequently Asked Questions
What is the purpose of the reverse share split by GDEV?
The reverse share split is intended to enhance market liquidity and improve the marketability of the company's ordinary shares.
When will the reverse share split become effective?
The reverse share split is scheduled to take effect at 4:01 p.m. Eastern Time on the specified effective date.
How will the reverse share split affect existing shareholders?
Each ten existing shares will be converted into one share, and shareholders will receive cash for any fractional shares they may have.
Will the trading symbol for GDEV change after the split?
No, the trading symbol will continue to be "GDEV," although a new CUSIP number will be assigned.
What happens to GDEV warrants and options following the split?
The exercise price and the number of shares that can be issued will be adjusted according to the terms outlined in the relevant documents.
