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New listing of the company CARBON STUDIO on NewConnect

Carbon Studio was newly listed on NewConnect on 18 December 2019.

Carbon Studio SA is the 376^th issuer listed on NewConnect and the 15^th new listing on NewConnect in 2019.

Informacje podstawowe

*at the reference price

Issuer’s business and history

The Issuer was founded in July 2015 by persons with experience in the development and publication of computer games: Błażej Szaflik, Aleksander Caban, Karolina Koszuta-Caban. The joint-stock company Carbon Studio Spółka Akcyjna was formed through the transformation of the limited liability company Carbon Studio spółka z ograniczoną odpowiedzialnością. The transformation was registered by the court on 7 June 2018.

Milestones in the Issuer’s history:

- 10 July 2015 – the Issuer’s legal predecessor Carbon Studio sp. z o.o. is established

- November 2015 – an agreement with The Farm 51 Group S.A. to develop game mechanics for the Chernobyl VR Project

- June 2016 – a grant from Epic Games Inc. (Unreal Engine 4 provider)

- July 2016 – Alice VR game publication agreement with CDP sp. z o.o. whose Klabater division specialises in the publication of independent games

- 26 October 2016 – release of Alice VR on Steam, GOG.COM, and the Oculus Store

- June 2017 - Sony Playstation developer and publisher certification

- June 2017 – a grant from the Ministry of Culture and National Heritage for the project “Hussarion – prototype of a gesture-control game for VR goggles”

- July 2017 – agreement with FXG Technology Co., LTMI. to represent the Issuer in China

- 28 July 2017 – early access release of The Wizards on Steam and the Oculus Store

- December 2017 – early access release of The Wizards on VIVE PORT

- February 2018 – co-financing agreement for the project “Research in innovative VR game control and world interaction technology deploying VR movement controllers and sensors” under the Sector Programme “GameINN” Measure 1.2 “Sector R&D Programmes”

The Company is a producer of computer games and business applications for virtual reality (VR) technology. It also develops games and applications for traditional displays (screens and TVs).

The Issuer’s core business is to develop and publish video games on platforms of all key VR and AR producers: Oculus, HTC, PlayStation VR, Microsoft VR, Xiaomi VR, as well as PCs and consoles. The Issuer is a Sony PlayStation and Microsoft Xbox certified developer and publisher. Since inception, the Company has worked with Valve, HTC Vive, Oculus / Facebook, Epic Games, Razzer, NVidia, Xiaomi, and other leading hardware and technology providers.

The Company’s offer is mainly addressed to individual users (gamers) around the world and to companies interested in investing in innovative solutions.

Carbon Studio’s games are sold via the most popular digital distribution platforms. The Issuer’s key partner is Steam (over 60% of the Issuer’s games sold by the end of 2018). Other key sales channels include the Oculus Store and Viveport (less than 20% each), followed by the Humble Store. The key partners in the distribution of the mobile version of The Wizards: Trials of Meliora are Xiaomi (Xiaomi Store) and the Oculus Store.

The Company has released three titles:

1) Alice VR;

2) The Wizards;

3) The Wizards: Trials of Meliora.

Business strategy

The Company’s publication plan spans the next three years of business: 2019-2021. 

Milestones:

Q4 2019 – exploration adventure game, code name Dreamo, to be published by the Company in partnership with a third-party developer;

Q4 2019 – console version of The Wizards (PlayStation VR) to be released in partnership with a publisher in Asia;

Q1 2020 – The Wizards paid expansion pack  (The Wizards - Dark Times), unlocking the product’s potential;

from Q2 2019 to Q1 2021 – development of a large unannounced fantasy title based on a well-known brand, to be released at the turn of 2021.

The issuer’s selected financials (PLN):

The Issuer’s equity according to its entry in the Business Register is PLN 140,250 divided into 1,402,500 ordinary bearer shares with a par value of PLN 0.10 per share including:

• 1,167,500 series A ordinary bearer shares;
• 107,500 series B ordinary bearer shares;
• 127,500 series D ordinary bearer shares.

Offering of series D shares

Series D shares were offered in a public offering. The subscription was open from 16 May 2019 to 27 May 2019. 127,500 shares were offered and allotted. The reduction rate was 18.2%. Series D shares were taken up by 112 individuals and paid in cash.

The Issuer is planning to invest the cash raised in the issue of the series D shares mainly to develop a new VR Fantasy game and to fund marketing activities necessary to promote the new game.

Shareholders:

The key shareholders, who are also Management Board Members and jointly hold 944,000, are subject to a 12-month lock-up period following the first day of trading of the Company’s shares in the alternative trading system NewConnect.