DoubleDown Interactive Announces Closing of $113,688,000 Initial Public Offering
DoubleDown Interactive announced the closure of its initial public offering, selling 6,316,000 American Depositary Shares (ADSs) at $18.00 each.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
DoubleDown Interactive announced the closure of its initial public offering, selling 6,316,000 American Depositary Shares (ADSs) at $18.00 each. The company sold 5,263,000 ADSs, while a selling shareholder contributed 1,053,000. Net proceeds to the company are expected to be approximately $86.5 million after expenses. The offering was executed under its Registration Statement on Form F-1. Following the offering, two non-executive directors resigned from the board. The company warns that forward-looking statements may be affected by various risks and uncertainties.
Positive
- Raised approximately $86.5 million in net proceeds from the offering.
- Successful closure of the initial public offering may enhance market visibility.
Negative
- Dilution risk due to the issuance of new ADSs.
- Resignation of two non-executive directors may signal instability in leadership.
Details
News Market Reaction – DDI
The recorded move for DDI in the trading session of this news was -3.58%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SEATTLE, Sept. 02, 2021 (GLOBE NEWSWIRE) -- DoubleDown Interactive Co., Ltd. (“DoubleDown”, or the “Company”), a leading developer and publisher of digital social casino games, today announced that it has closed its previously announced initial public offering of 6,316,000 American Depositary Shares (the “ADSs”), each ADS representing 0.05 common share at a price to the public of
The ADSs were offered pursuant to the Company's Registration Statement on Form F-1 (File No. 333-258032) previously filed with, and subsequently declared effective by, the U.S. Securities and Exchange Commission (the "SEC"). A prospectus relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus may be obtained from B. Riley Securities, Inc., 1300 17th Street North, Suite 1300, Arlington, VA 22209, by telephone at 1-703-312-9580 or by email at prospectuses@brileyfin.com.
In conjunction with the consummation of the offering, Il Sung Kang and Suk Ho Yun resigned as non-executive directors from the Company’s board in accordance with the terms of their appointment.
No action has been taken in any jurisdiction, other than the United States and the Republic of Korea, for the registration of the securities of the Company in connection with any offer to sell or the solicitation of an offer to buy any securities of the Company.
This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Certain statements herein are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s current expectations or beliefs concerning future events and actual events may differ materially from current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including the strength of the economy, changes to the market for securities, political or financial instability and other factors which are set forth in the Company’s registration statement on Form F-1, as amended, and annual report on Form 20-F and in all filings with the SEC made by the Company subsequent to the filing thereof. The Company does not undertake to publicly update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
Joe Sigrist
ir@doubledown.com
+1 (206) 408-7545
Chief Financial Officer
https://www.doubledowninteractive.com
Investor Relations Contact:
Cody Slach, Jeff Grampp
Gateway Group
1-949-574-3860
DDI@gatewayir.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.