GDEV Implements One-For-Ten Reverse Share Split
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GDEV Announces Reverse Share Split
GDEV Inc. (NASDAQ: GDEV), an international gaming and entertainment company, announced a one-for-ten (1:10) reverse share split of its ordinary shares. The Reverse Share Split aims to enhance marketability and liquidity for shareholders. Following the effective date, shareholders will notice their shares transitioning to a split-adjusted basis, with ordinary shares trading under the existing symbol "GDEV" and a new CUSIP number.
Market Impact of the Reverse Share Split
The anticipated increase in market price as a result of the Reverse Share Split could improve trading interest in GDEV's ordinary shares. The company's Board of Directors has approved this strategy, believing it to be in the best interests of GDEV and its shareholders. The decision aligns with the provisions within the BVI Business Companies Act, allowing the Board to effectuate this change without needing shareholder approval.
Mechanics of the Share Split
Post-split, every ten GDEV ordinary shares will convert into one ordinary share automatically, with no issuance of fractional shares. Instead, shareholders will receive cash compensation reflecting the value of any fractional shares. The overall rights and preferences associated with the ordinary shares will remain unchanged, ensuring that the Reverse Share Split will be uniformly applied to all shareholders.
Adjustments to Equity Instruments
The Reverse Share Split will also influence the ordinary shares related to GDEV's 2021 Employee Stock Ownership Plan (ESOP) along with outstanding warrants and options. Adjustments to the exercise price and the number of ordinary shares derivable from these instruments will be made in line with the Reverse Share Split conditions.
About GDEV
GDEV is a hub of gaming studios dedicated to the development and expansion of a diverse portfolio across various gaming genres. Subsidiaries like Nexters and Cubic Games contribute to this mission, aiming to create engaging games for millions of players worldwide. Popular franchises such as Hero Wars, Island Hoppers, and Pixel Gun 3D have seen significant installations globally.
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 aims 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 set to become effective at 4:01 p.m. Eastern Time on the specified effective date.
How will the reverse share split affect existing shareholders?
Every ten existing shares will be converted into one share, and shareholders will receive cash for any fractional shares.
Will the trading symbol for GDEV change after the split?
No, the trading symbol will remain "GDEV," but 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 issuable will be adjusted in accordance with the terms set out in the relevant documents.
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