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New listing of FREEMIND S.A. on NewConnect

FREEMIND S.A. was newly listed on NewConnect on 18 September 2023.

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

Key information

* calculated on the basis of the issue price of series D shares equal to PLN 15 taking into account the sale of the company’s shares; 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 series D shares

Issuer’s history and business

The Issuer was incorporated under the name FreeMind Spółka Akcyjna with its registered office in Kraków on 11 January 2019. The company’s share capital was PLN 100,000.00 divided into 700,000 series A shares and 300,000 series B shares with a nominal value of PLN 0.10 each. The founders of the company were Mr Rafał Krzywda and PlayWay S.A. Mr Rafał Krzywda was appointed President of the Management Board.

FreeMind S.A. operates on the video games market focusing primarily on the production and publication of games for PCs. The Issuer’s business model is to produce medium- and low-budget games for PCs with the main themes of all kinds of hobbies, education and leisure activities.

Most of the projects are simulators. The company cooperates with other entities to port and certify its own games for other platforms (Nintendo Switch, PlayStation, XBOX, VR). Ultimately, the Company intends to independently port the games it produces to other platforms. As part of the diversification of its business model, the Company is involved in the development of productions for mobile platforms based on proven ideas and game models transferred from PCs. In addition, the Company has started publishing smaller games of other entities in exchange for a certain share of sales revenue.

In the course of its business, the Issuer has confirmed the effectiveness of its business model with the success of the games produced and published by the Company, in particular: Farmer's Life, House Builder, Junkyard Builder, Aquarist, which have had the greatest impact on the Issuer’s financial results.

The founder and significant shareholder of the Issuer is PlayWay S.A., a company listed on the regulated market of the Warsaw Stock Exchange.

The Issuer has produced and marketed eight of its own games. In addition, the Company is the publisher of three games for which it does not hold copyrights. Four games in the Issuer’s portfolio have been released on more than one platform.

The Company plans to release seven PC games in 2023, four of which will also be released for PlayStation, XBOX, Nintendo Switch and VR consoles, and one will be released in a mobile version. The Issuer plans to release full PC/Steam versions of games that have been approved for early access during the period. In addition, console releases are planned of some of the games previously released on PC. In addition, the Issuer plans to release three games to which it does not hold the economic rights (of which two have already had early access releases) during the period.

The Issuer’s share capital, according to the entry in the Register of Entrepreneurs of the National Court Register, amounts to PLN 110,700 and is divided into 1,107,000 shares including:

• 700,000 series A ordinary bearer shares
• 300,000 series B ordinary bearer shares
• 100,000 series C ordinary bearer shares
• 7,000 series D ordinary bearer shares

with a nominal value of PLN 0.10 each.

Issuer’s selected financials (PLN):

Shareholders

Financial instruments newly listed on NewConnect:

• 700,000 series A ordinary bearer shares
• 300,000 series B ordinary bearer shares
• 100,000 series C ordinary bearer shares
• 7,000 series D ordinary bearer shares