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A mobile gaming company that went public via SPAC received an investment from Activision Blizzard Inc (NASDAQ:ATVI) that was disclosed Thursday night.
What Happened: In June, Activision Blizzard took a 12,677,398 share stake in Playstudios Inc (NASDAQ:MYPS), representing an 11.6% stake in the company.
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The purchase was made in June prior to the company completing the merger but not disclosed until Thursday.
Playstudios is the first publicly listed mobile gaming company that offers real-world rewards for customers through partnerships with several large casino companies.
Related Link: 5 SPACs To Watch In The Second Half Of 2021
Why It’s Important: Playstudios went public with Acies Acquisition, a SPAC led by Jim Murren, the former CEO/Chairman of MGM Resorts International (NYSE:MGM).
The company has 4.2 million monthly active users that spend 56 minutes a day playing their games. Playstudios has more than 100 million downloads by users lifetime-to-date.
Playstudios had revenue of $269.8 million in fiscal 2020 and sees revenue growing 21.6% to $328 million for fiscal 2021.
More than 11 million shares of Playstudios or around 52% were redeemed at the merger vote, lowering the float.
MYPS Price Action: Shares are down 0.32% to $7.86 Friday.
Photo: Playstudios
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.