On December 1st, Games & Esports Experience Acquisition Corp. announced the pricing of its upsized initial public offering. The company revealed that it would be offering 17.5 million shares of stock in the business at a cost of $10 per unit.
The share units’ listing on the NASDAQ Global Market officially began the next day on December 2nd. These units were being traded under the ticker symbol “GEEXU”. This IPO reportedly closed on December 6th, 2021.
Each unit is made up of one Class A share in the company and half of a redeemable warrant. Each whole warrant can be exercised in order to purchase one Class A stock valued at a price of $11.50 a share. Only whole warrants are exercisable.
The securities comprising these units soon began separate trading after this announcement. These Class A shares and warrants were listed under the ticker symbols “GEEX” and “GEEXW”, respectively.
The Profit‘s Take:
Now, we have seen two new SPACs launched in the gaming space since last week. This makes me ask two questions: 1) Are SPACs back in gaming? And 2) What are the targets of these SPACs? The Games & Esports Experience Acquisition Corp. never really specified what they’re actually going to be doing with the money they raise. In the press release, they said they are interested in acquiring businesses that operate in fields like e-commerce, media, content and other intellectual property, sports & entertainment, and social media. So, basically, they’re interested in acquiring EVERYTHING. Regardless, I love this because it is more cash flowing into the gaming space.
(All information was provided by PR Newswire)
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