Casual gaming and social casino operator Playstudios is now a publicly-listed company after completing its business combination with special purpose acquisition company Acies Acquisition Corp.
Playstudios’ Class A common stock began trading on Nasdaq Tuesday under the ticker symbol MPYS after Acies’ shareholders approved the business combination last week.
The transaction gives Playstudios a warchest of $220m to accelerate the company’s growth initiatives, which include substantially expanding product development and acquiring other gaming and related companies.
“As Playstudios enters this exciting new chapter in our history, we are uniquely positioned to accelerate our growth within the robust games market,” said Playstudios founder, chairman and CEO Andrew Pascal. “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.”
Pascal will continue to lead the combined company, along with his current management team.
The company’s board of directors will initially consist of six members; Pascal, MGM Resorts CEO William Hornbuckle, former MGM Resorts CEO James Murren, Jason Krikorian, Judy Mencher, and Joe Horowitz.
Shares in Playstudios Inc. (NSQ:MYPS) closed 0.12 per cent higher at $8.40 per share in New York Tuesday.