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LONDON - World Chess PLC (LSE:CHSS), the official commercial partner of FIDE, announced Wednesday it has secured a $2 million strategic investment through a binding subscription agreement with two investors.
The London-listed chess company will issue approximately 114.3 million new ordinary shares priced at $0.017453 (about 1.3p) per share. The new shares will rank equally with existing ordinary shares.
As part of the agreement, World Chess will grant the investors a warrant to subscribe for up to 31.4 million additional ordinary shares at a nominal price of £0.0001 per share. This warrant can only be exercised if the company’s online chess platform achieves at least 35,000 paid subscribers by December 31, 2026.
The company also announced the proposed appointment of Dmitri Lipnitsky to its board of directors, pending regulatory approval. Lipnitsky is the founder and former CEO of Gismart Limited, a mobile app developer that ranked sixth on the Financial Times FT 1000 list of Europe’s fastest-growing companies between 2015 and 2018.
World Chess CEO Ilya Merenzon described the investment as "a foundational step" for the company, noting that the investors bring expertise in marketing and scaling gaming apps as the company focuses on growth and monetization.
World Chess organizes FIDE Championship Matches and develops chess content for television. It also operates FIDE Online Arena, the official chess gaming platform.
The information was disclosed in a press release statement issued by the company to the London Stock Exchange (LON:LSEG).
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