GDEV Inc. to sell 1.76 million shares in market offering

LIMASSOL, Cyprus - GDEV Inc. (NASDAQ:GDEV), an international gaming and entertainment company, has announced the commencement of an at-the-market offering (ATM Offering) to sell 1,757,026 ordinary shares held in treasury. The shares, which were acquired during a tender offer that expired in January 2024, will be sold through Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc., acting as agents.

The ATM Offering will be conducted under a registration statement filed with the Securities and Exchange Commission (SEC) and declared effective on September 12, 2024. Sales of the shares will occur directly on the NASDAQ or through negotiated transactions, at market prices or prices related to the prevailing market rates.

GDEV aims to enhance the liquidity of its shares by increasing the public float through this offering. The net proceeds are intended for general corporate purposes, which include working capital. The offering will only be made by means of a prospectus, and interested parties can obtain copies from the agents involved or by visiting the SEC's website.

GDEV's portfolio includes gaming studios such as Nexters and Cubic (NYSE:CUB) Games, with popular franchises like Hero Wars and Pixel Gun 3D. The company's focus remains on the development and growth of its franchises, aiming to engage millions of players globally.

This press release contains forward-looking statements regarding the ATM Offering and the anticipated use of proceeds, reflecting the company's current expectations subject to risks and uncertainties. Investors are cautioned that actual results may differ materially from those projected due to various factors outlined in the company's filings with the SEC, including its 2023 Annual Report on Form 20-F.

The information for this article is based on a press release statement from GDEV Inc.

In other recent news, GDEV Inc. has entered into a sales agreement with financial firms Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc., a strategic move aimed at boosting the company's capital. In addition to this development, GDEV Inc. has also announced a reverse share split of its ordinary shares at a one-for-ten ratio, a decision approved by the Board of Directors to enhance marketability and liquidity. Furthermore, the company's shareholders have given their approval for the re-election of its independent directors, with each director receiving a substantial majority of votes.

Investment firms Cantor Fitzgerald and Oppenheimer have initiated coverage on GDEV Inc., issuing an Overweight and Perform stock rating respectively. These recent developments come as GDEV Inc. continues to expand its operations and improve its financial standing. The company has also announced the schedule for its 2024 Annual General Meeting, a key event for shareholder engagement and decision-making.

Investors should note that these are recent developments and are part of the company's continuous efforts to enhance its financial standing and support its growth initiatives. As GDEV Inc. navigates through these changes, it remains committed to regulatory compliance and transparent investor relations.

InvestingPro Insights

As GDEV Inc. (NASDAQ:GDEV) embarks on its at-the-market offering strategy, investors may find the company's current financial health and market performance to be of particular interest. According to InvestingPro data, GDEV's market capitalization stands at a robust $493.76 million. The company's Price to Earnings (P/E) ratio is 8.93, suggesting that its shares might be priced reasonably relative to its earnings. Furthermore, the company's gross profit margin is notably high at 66.78%, indicating efficient management of production costs and strong pricing power for its products.

Among the InvestingPro Tips, two key insights emerge that could be relevant to investors considering GDEV's public offering. Firstly, GDEV's management has demonstrated confidence in the company's future by aggressively buying back shares. This could be seen as a positive signal about the company's valuation and long-term prospects. Secondly, GDEV holds more cash than debt on its balance sheet, providing the company with financial flexibility and potentially less risk for investors.

For those interested in a deeper dive into GDEV's metrics and to access additional InvestingPro Tips, the platform lists a total of 12 tips that can be found at https://www.investing.com/pro/GDEV. These tips offer a comprehensive view of the company's financial health, market performance, and what analysts are predicting for the future, which could be invaluable for making informed investment decisions.

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