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PLAYSTUDIOS, a developer of free-to-play casual games, announced preliminary results for Q4 and the full year ended December 31, 2020. The company expects Q4 revenue of $64.0 million and a full-year revenue of $269.9 million, reflecting 12.9% and 12.7% year-over-year growth. A net loss of $10.8 million was reported for Q4, influenced by restructuring costs. Adjusted EBITDA for Q4 is forecasted at $1.8 million, down 66.1% year-over-year. Looking forward, the company anticipates growth driven by the launch of myVEGAS Bingo.
PLAYSTUDIOS and Acies Acquisition Corp. announced a merger agreement that will make PLAYSTUDIOS a publicly listed company under the ticker symbol MYPS. PLAYSTUDIOS is known for its free-to-play games and unique playAWARDS Loyalty Program, allowing players to earn real-world rewards. The merger values the company at $1.1 billion, supported by key institutional investors. The transaction is expected to close in Q2 2021, subject to shareholder approval and regulatory conditions, providing PLAYSTUDIOS with approx. $290 million in cash for growth initiatives.