Introducing Gaming Innovation Group – The New Share Offering
The issuing of 2,176,941 additional shares of common stock was announced today by Gaming Innovation Group Inc. (GiG). In accordance with the Company’s 150,000,000 authorized shares, the Board of Directors reached this conclusion. All required corporate activities have been completed to allow the new shares, and the Company confirms that they have been paid for in full and issued legitimately.
The increase from USD 129,003,161 to USD 131,180,102 is the consequence of this issuance on the Company’s share capital. Also, at a par value of $1.00 per share, the total number of outstanding shares has increased from 129,003,161 to 131,180,102. Also, there are currently 1,432,500 options that have not been exercised.
Distribution of New Shares
- The purchase of KaFe Rocks Ltd. included the issuance of 823,897 additional shares. Once certain operational cost savings targets were accomplished by the end of 2023, GiG was bound to issue shares to the sellers worth EUR 2.5 million under the Share Purchase Agreement. At the time of closing, the GiG share had a 30-day VWAP of NOK 30.11. This VWAP was used to determine the number of shares that were issued.
- As part of the option program associated with the purchase of Sportnco Gaming SAS, 982,694 more shares were issued. Shares in the Company will be distributed to key workers of Sportnco at a price of EUR 2.11 (NOK 24.80) per share, subject to their ongoing employment, as stated in the Exemption Document dated 13 July 2022.
- As a result of the exercise of options, 370,350 additional shares were issued. Among them are 319,000 shares priced at 15.00 NOK each and 51,350 shares priced at 22.00 NOK each.
By issuing these additional shares, GiG is bolstering its position in the market and giving important stakeholders a chance to profit from its success and expansion. At its core, the company is still dedicated to being an innovation leader and providing value to its workers and shareholders.