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New listing of IMMERSION GAMES S.A. on NewConnect
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The company IMMERSION GAMES S.A. was newly listed on NewConnect on 13 September 2021.
IMMERSION GAMES S.A. is the 370th company listed on NewConnect and the 21st new listing on NewConnect in 2021.
Key information
|
company name |
IMMERSION GAMES S.A.
|
|
ticker, abbreviated name |
“IMG”, “IMMGAMES”
|
|
seat |
Warsaw
|
|
core business |
The Issuer’s core business includes the production and sale of games, in particular VR games, as well as AR and PC games.
|
|
new listings on NC in 2021 |
21
|
|
companies listed on NC |
370
|
|
business sector |
Gaming
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|
companies in the sector |
53
|
|
offering/sale (Y/N, private/public) |
Public offering: 420,000 series D shares
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|
offering value |
Offering value of series D shares: PLN 2,520,000
|
|
issue/selling price |
Issue price of series D shares: PLN 6.00
|
|
reference price |
PLN 6.00
|
|
company valuation |
PLN 19,230,000
|
|
value of introduced instruments |
PLN 3,120,000 |
|
% free float (below 5% in shares subject to the application) |
80.77% |
|
free float value |
PLN 2,520,000
|
|
% free float (below 5% in all shares) |
19.30% |
|
free float value |
PLN 3,711,000
|
|
Authorised Advisor |
NAVIGATOR CAPITAL S.A. |
|
|
|
*at the issue price of series D shares, i.e., PLN 6.00 per share
Issuer’s history and business
Immersion Games S.A. was established on 12 June 2017 as Gersemi S.A.
The Issuer acquired intellectual property rights from Immersion Sp. z o.o. under an agreement of 15 October 2020. The Issuer had carried out no business operations up to the conclusion of the intellectual property rights sale agreement.
Core business
The Issuer’s core business includes the production and sale of games, in particular VR games, as well as AR and PC games. The Company plans to produce two or three games per year with a budget ranging from PLN 0.5 million to PLN 1.5 million. The productions will be available on all VR platforms, in particular Oculus Quest Store and Steam. The Issuer’s games are to be designed in a way necessary to sell additional content, including new adventures in “Extreme Escape” and new play modes in “Disc Ninja”. Such add-ons will be available for purchase directly in the game’s basic version. The Company’s productions use its own IP or IP delivered in partnership with recognised brands which the Company can access thanks to its large client and partner portfolio.
On 15 October 2020, the Issuer acquired intellectual property rights from Immersion sp. o.o. (not a related party of the Company as at the transaction date), including copyright in nine video games (including three games already published and available for PCs on Steam) and one application. In exchange for the assignment of rights and obligations in the games, the Issuer agreed to pay Immersion sp. z o.o. a fee of PLN 3,716,000.00 net + VAT. The Issuer financed the acquisition of the intellectual property rights in those ten products (nine games and one application) with the issue of series B shares and series C shares which raised PLN 4,463,200.00 in aggregate.
The issue of series B shares was fully addressed to Immersion sp. z o.o., which took up 2,000,000 new series B shares in exchange for a cash payment of PLN 2,600,000.00 and became the parent entity of the Issuer. The deal was structured in order to spin off a VR game production segment from Immersion sp. z o.o. into a new special-purpose vehicle within the group.
The Issuer reported no sales revenue from any games it produced and published up to the end of Q2 2021. The Issuer expects to earn its first revenue from the sale of games in Q3 2021 following the release of “Disc Ninja” on 5 August 2021.
The Issuer’s selected financials (PLN):
|
|
Q2 2021 |
2020 |
2019 |
|
Sales revenue and equivalent revenue |
842,874.67 |
4,055,740.40 |
0.00 |
|
Change of inventory |
815,319.67 |
3,914,578.58 |
0.00 |
|
Net profit |
-405,745.23 |
-237,508.17 |
-1,419.23 |
|
Equity |
6,316,697.87 |
6,643,543.10 |
96,589.27 |
|
Non-current liabilities |
0.00 |
0.00 |
0.00 |
|
Current liabilities |
170,000.89 |
978,855.91 |
0.00 |
|
Total assets |
6,493,772.66 |
7,720,845.91 |
96,989.27 |
|
Total net cash flows |
1,290,936.70 |
323,372.45 |
-1,649.23 |
|
Cash – closing balance |
1,635,918.42 |
344,981.72 |
21,609.27 |
The Issuer’s shareholders:
|
Shareholder |
Number of shares |
Share in capital |
Number of votes |
Share in votes |
|
Immersion sp. z o.o. |
1,875,000 B |
58.50% |
1,875,000 |
58.50% |
|
Dawid Sukacz*
Bartosz Rosłoński** Michał Jarecki*** |
711,500, including: 100,000 A 611,500 C 68,750 56,250 |
22.20%
2.15% 1.76% |
711,500
68,750 56,250 |
22.20%
2.15% 1.76% |
|
Other |
493,500, including: 73,500 C 420,000 D |
15.40%
|
493,500 |
15.40%
|
|
Total |
3,205,000 |
100.00% |
3.205,000 |
100.00% |
*Member of the Supervisory Board
**President of the Management Board
***Member of the Management Board
520,000 series A and series D shares representing 16.23% of the Company’s outstanding shares will be listed in the alternative trading system on NewConnect.
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