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New listing of VRFABRIC S.A. on NewConnect

VRFABRIC S.A. was newly listed on NewConnect on 29 June 2023.

VRFABRIC S.A. is the 360^th company listed on NewConnect and the sixth new listing on NewConnect in 2023. 

Key information

* calculated on the basis of the volume-weighted average price of shares in the issue of series C shares and transactions made in the last 12 months, equal to PLN 36.60; the reference price proposed by the authorised advisor and the market maker for the first day of trading of the shares corresponds to the aforementioned issue price of the shares

Issuer’s history and business

VRFabric S.A. was entered into the National Court Register by a decision of the District Court for the City of Warsaw in Warsaw on 20 August 2020. One of the founders and the main shareholder of the Company is SimFabric S.A., a studio specialising in the production and distribution of games for Xbox, PlayStation, Nintendo Switch and desktop computers.

The Issuer’s business model is mainly based on the porting and publication of several low- to medium-budget high-margin VR games produced by distributed small development teams. The Issuer also accepts commissions for the development of e-learning materials under the European Regional Development Fund, the European Social Fund and the Cohesion Fund 2014 - 2020.

The Issuer has produced and approved for release two VR games: Train Mechanic Simulator VR and Gardenia VR.

In Train Mechanic Simulator VR, the player plays a locomotive and train mechanic. Gardenia VR is a relaxing FPP-type gardening simulator with elements of platformers and fairytale adventure, where the player can explore places full of tranquillity and arrange the garden space as they wish.

On 4 April 2023, the Issuer signed an agreement with Epic Games Inc. based in Cary, North Carolina. The agreement defines the terms of cooperation between the Issuer and Epic Games for the release of 4 games from the VRFabric S.A. portfolio for PCs with VR goggles in the Epic Games Store, including the possibility of using Epic Games’ network services and blockchain technology and digital currency in the Issuer’s games. The development of proprietary games is expected to make the Issuer independent of its main shareholder and its products. The Issuer plans to develop its own games exclusively for virtual reality goggles, without developing areas competing with the business of the Issuer’s main shareholder.

Under its development strategy, the Issuer plans to further develop its business by porting and releasing a large number of low- and medium-budget high-margin games for virtual reality (VR) goggles by distributed small development teams.

Issuer’s selected financials (PLN):

203,000 series B shares – public offering

The public offering of series B shares opened on 30 October 2020 and closed on 18 November 2020.

Series B shares were taken up by 23 entities.

The issue price of the shares was PLN 17.00.

Value of the offering: PLN 3,451,000.00

66,000 series C shares – public offering

The public offering of series C shares opened on 4 February 2022 and closed on 13 April 2022.

Series C shares were taken up by 3 entities.

The issue price of the shares was PLN 40.00.

Value of the offering: PLN 2,640,000.00

Shareholders

Financial instruments newly listed on NewConnect: 1,269,000 shares including: 1,000,000 series A ordinary bearer shares, 203,000 series B ordinary bearer shares and 66,000 series C ordinary bearer shares.