Gaming Innovation Group Confirms Completion of SEK 100M Share Issue

The leading iGaming technology company, delivering services, solutions and products for gambling operators across the globe, Gaming Innovation Group (GiG), announced it has raised approximately SEK 100 million ($9.6 million) after issuing more than 3.2 million shares to existing shareholders and new investors.

Details regarding the strategic move emerged Tuesday with GiG confirming that its Board of Directors has resolved the issuing of 3,226,418 shares. The company confirmed that a number of key senior-level executives participated in the share issue.

The list includes Jonas Warrer, GiG Media’s CEO and GiG’s Platform & Sportsbook boss, Richard Carter. Additionally, organizations such as Agerskov Kapital, Prioritet Finans, Knutsson Holding and the Juroszek family were also among the investors.

The recently issued shares followed an authorization decision of the Board of Directors dating to January 20, 2022.

GiG confirmed that it issues shares for a number of reasons, including broadening “the shareholder base with new well-renowned investors, increase alignment among key executives and shareholders, and obtain additional funding to secure working capital for the Platform & Sportsbook business prior to the planned split of the Company as well as general corporate purposes in a time- and cost-efficient manner.”

“Gaming Innovation Group Inc. today announces that the Company successfully has completed a directed share issue of approximately SEK 100 million from several well-renowned, long-term institutional investors,“

reads a statement released by GiG

GiG’s Chairman Comments on the Topic

Mikael Riese Harstad, GiG’s chairman, spoke about the exceptional interest in additional company shares demonstrated by key executives as well as external investors. “We are of course delighted that so many well-renowned investors share our view of growth opportunities going forward, and we are now better equipped to accelerate our growth both organically and through strategic acquisitions,” he added.

“We have seen a lot of interest to increase the shareholding in GiG from existing investors and key executives, but also from new external parties.“

Mikael Riese Harstad, chairman at GiG

Finally, Harstad said that it is exciting to see executives investing in the company the same way shareholders do.

GiG explained that after increasing its share capital by $3.2 million, it reached $134.4 million. Following the issuing of shares, the total number of shares in the company hit 134,406,520.