Public listing positions mobile gaming leader
to accelerate product development and pursue acquisitions
PLAYSTUDIOS, Inc. (“PLAYSTUDIOS” or the “Company”), an
award-winning developer of free-to-play casual mobile and social
games that offer real-world rewards to loyal players, announced
today that it has completed its previously announced business
combination (the “Business Combination”) with Acies Acquisition
Corp. (Nasdaq: ACAC, ACACU, ACACW) (“Acies”). The Business
Combination was approved at a special meeting of Acies’
shareholders on June 17, 2021 and the combined company changed its
name to PLAYSTUDIOS, Inc.
Beginning on Tuesday, June 22, 2021, PLAYSTUDIOS’ Class A common
stock and warrants will trade on the Nasdaq under the ticker
symbols “MYPS” and “MYPSW,” respectively. With approximately $220
million in cash1, PLAYSTUDIOS is poised to accelerate the company’s
growth initiatives, which include substantially expanding product
development and acquisitions of other gaming and related
companies.
PLAYSTUDIOS has developed a portfolio of beautifully designed,
top-ranked games that have attracted a loyal following due, in
part, to the company’s unmatched playAWARDS Loyalty Program,
which allows players to earn real-world rewards from a curated
collection of over 95 partners and 290 entertainment, retail,
travel, leisure, and gaming brands. To date, the PLAYSTUDIOS
community has used its in-app loyalty points to purchase over 11
million rewards with a retail value of nearly $500 million. The
Company was honored with a 2021 Top Publisher Awards by App Annie,
the gaming industry’s leader in app analytics and aggregated app
performance data.
PLAYSTUDIOS is led by Founder, Chairman, and Chief Executive
Officer Andrew Pascal, who will continue to lead the combined
company along with his current founder-led management team. The
Board of Directors will initially consist of six members, including
Andrew Pascal, William Hornbuckle, James Murren, Jason Krikorian,
Judy K. Mencher, and Joe Horowitz.
“As PLAYSTUDIOS enters this exciting new chapter in our history,
we are uniquely positioned to accelerate our growth within the
robust games market,” Mr. Pascal said. “Our listing on Nasdaq is a
testament to the enormous opportunity ahead of us as we leverage
our strengthened capital position and institutional support to
launch new products, pursue new acquisition opportunities, and
scale up our unique playAWARDS loyalty program.”
J.P. Morgan and LionTree Advisors acted as financial advisors to
PLAYSTUDIOS and Davis Polk acted as the company’s legal advisor.
Morgan Stanley acted as capital markets advisor to Acies
Acquisition Corp., and Latham & Watkins LLP acted as its legal
advisor. J.P. Morgan, LionTree Advisors, Morgan Stanley, and
Oppenheimer & Co. acted as placement agents for the PIPE.
About PLAYSTUDIOS Inc.
PLAYSTUDIOS is the developer and operator of award-winning
free-to-play casual games for mobile and social platforms. The
company’s collection of original and published titles is powered by
its groundbreaking playAWARDS loyalty marketing platform, which
enables players to earn real-world rewards from a portfolio of
global entertainment, retail, technology, travel, leisure, and
gaming brands across 17 countries and four continents. Founded by a
team of veteran gaming, hospitality, and technology entrepreneurs,
PLAYSTUDIOS brings together beautifully designed mobile gaming
content with an innovative loyalty platform in order to provide its
players with an unequaled entertainment experience and its partners
with actionable business insights. To learn more about PLAYSTUDIOS,
visit playstudios.com.
About Acies Acquisition Corp.
Acies Acquisition Corp. (Nasdaq: ACAC) is a newly organized
blank check company, formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses. The
Company was established in October 2020 to focus on identifying a
business combination target within the live, location-based and
mobile experiential entertainment industries. To learn more about
Acies, visit https://aciesacq.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including statements
regarding the listing of the Company’s Class A common stock and the
Company’s warrants on the Nasdaq. The company’s actual results may
differ from their expectations, estimates and projections and
consequently, you should not rely on these forward looking
statements as predictions of future events. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside the company’s control and are difficult to predict. Factors
that may cause such differences include, but are not limited to:
(1) the ability to recognize the anticipated benefits of the
business combination, which may be affected by, among other things,
competition, the ability of the company to grow and manage growth
profitably, and retain its key employees; (2) costs related to the
business combination; (3) the inability to maintain listing of the
company’s shares on the Nasdaq; (4) the company’s ability to
execute its business plan and meet its projections; (5) the outcome
of any legal proceedings that may be instituted against the
company; (6) the impact of COVID-19 on the company’s business; (7)
the company’s transition to becoming a public company including the
associated expenses and the impact of public financial and other
disclosures on its negotiations and arrangements with key
counterparties; (8) changes in applicable laws or regulations; (9)
general economic, business, and/or competitive factors; and (10)
other risks and uncertainties included from time to time in the
company’s other filings with the U.S. Securities and Exchange
Commission (the “SEC”). Additional information will be made
available in other filings that the company makes from time to time
with the SEC. In addition, any forward-looking statements contained
in this press release are based on assumptions that the company
believes to be reasonable as of this date. The company undertakes
no obligation to update any forward-looking statements to reflect
events or circumstances after the date of this press release or to
reflect new information or the occurrence of unanticipated events,
except as required by law.
1 Cash and cash equivalents expected to be
reflected on the unaudited pro forma combined balance sheet of
Acies and PLAYSTUDIOS as of March 31, 2021 after giving effect to
the Business Combination that will be filed with the U.S.
Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210621005765/en/
Investor Relations Jacques Cornet IR@playstudios.com
Media Relations Doug Donsky / Amy Rossetti
media@playstudios.com
Acies Acquisition Corp. info@aciesacq.com
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