Relationships with debuts

New listing of the company POLYSLASH S.A. on NewConnect

POLYSLASH S.A. was newly listed on NewConnect on 27 August 2020.

POLYSLASH S.A is the 375^th company listed on NewConnect and the 9^th new listing on NewConnect in 2020. 

Key information

*at the reference price

The Issuer’s business and history 

The Issuer was founded through the transformation of the limited liability company Polyslash sp. z o.o. into the joint-stock company Polyslash S.A. under Resolution No. 3 of the Extraordinary General Meeting of Polyslash sp. z o.o. of 4 March 2019 concerning the transformation of the limited liability company into a joint-stock company.

As at the date of the Information Document, the Issuer has produced and marketed two games: Phantaruk and We. The Revolution. The Company’s key game is We. The Revolution for the following platforms: PC, PS4, Xbox One, and Nintendo Switch. The game was very well received by gamers and the global media. It ranked second on the global bestseller list of the selling platform Steam on the date of the release.

Business strategy

The Issuer’s business strategy is to continue expansion in two areas: proprietary production and publishing, in order to grow the games portfolio and mitigate the risk of producing a single title. According to the Management Board of Polyslash S.A., the strategy will generate a stable revenue stream by releasing at least one game per year (proprietary development or publication).

The Issuer’s selected financials (000’PLN): 

The Issuer’s share capital according to the entry in the Companies Register is PLN 230,600 divided into 2,306,000 ordinary bearer shares with a nominal value of PLN 0.10 per share including

• 2,000,000 series A ordinary bearer shares;
• 306,000 series B ordinary bearer shares. 

According to the Issuer’s Articles of Association, the Issuer’s Management Board is authorised to increase the Issuer’s share capital in accordance with Article 444 of the Commercial Companies Code (authorised capital). According to Article 5(3) of the Company’s Articles of Association, the authorised capital is PLN 150,000, and the Issuer’s Management Board is authorised to increase the share capital up to the authorised capital on or before 6 August 2020.

Offering of series B shares

The series B shares were issued in a private subscription in accordance with Article 431(2)(1) of the Commercial Companies Code. The subscription opened on 15 November 2019 and closed on 30 November 2019.

Allotment date: 30 November 2019

Size of the issue: 306,000 shares

Issue price: PLN 7.00 

Value of the issue: PLN 2,142,000 

Number of shareholders: One, i.e., Find Fund sp. z o.o., which later transferred all series B shares to 72 individuals who took part in the equity crowdfunding campaign operated by Find Fund sp. z o.o. on behalf of Polyslash sp. z o.o., the Issuer’s legal predecessor.

The receipts from the issue of series B shares were used to set up a publishing division which will support the publication of games by the Company, including games from third-party developer teams. As a result, the Company signed its first publication contract with Art Games Studio S.A. The Company took measures to stabilise its game porting division in order to develop the Company’s games for consoles. The Company is planning to port games of third-party developers and has initiated discussions to that end. The Company started the production of three games: Mech Mechanic Simulator, Primitive Builder Simulator, and a yet unannounced game. As at the date of the Information Document, approximately 70% of the receipts from the issue have been used.

Sale of shares:

Within 12 months prior to the submission of the application for the introduction of the Company’s shares to the NC ATS, there were 55 sale transactions of series A shares at prices ranging from PLN 4 to PLN 12, totalling 530,992 series A shares. The total value of the sale was PLN 2,845,307.

Shareholders:

Financial instruments newly introduced to NewConnect:

• 2,000,000 series A ordinary bearer shares;
• 306,000 series B ordinary bearer shares.