Fly Play hf.: Collection of subscription commitments

Fly Play hf.: Collection of subscription commitments

Fly Play has today collected binding subscription commitments for newly issued shares from its investors.

The Investors will subscribe for a total of 157,534,247 shares with the price per share being ISK 14.6. The company will collect a total of ISK 2,300,000,000 in new share capital, raising the total nominal value of the share capital from ISK 703,333,331 to ISK 860,867,578.

Parallel to the issuance of new shares, the company will issue warrants to the investors, granting warrants to 25% of the issuance. The subscription price according to the warrants will be the price per share of the original issuance, with interest amounting to the Central Bank of Iceland’s 7-day collateraized lending interest rate. The warrants will be exercisable for a period of 10 days subsequent to the publication of the company’s annual accounts for the year 2023.

The board of directors will convene a shareholder meeting in accordance with the company’s articles of association, where a proposal for a share capital increase will be on the agenda, a waiver of the current shareholders’ priority rights and the granting of authorization to the board to perform the company’s obligations under the subscription agreements.

The goal of the share capital increase is to strengthen the company for the coming growth and to ensure its strong liquidity position.

“PLAY’s financial position was strong yesterday, but it is even stronger today. This increase in share capital from all the 20 largest shareholders, is a very positive development and primarily a testament of the trust PLAY’s shareholders place in the company’s operation and performance and in line with the many opportunities that lie ahead. PLAY’s take-off has been very successful although we must acknowledge that the external business environment was more challenging than we had hoped. We see many positive signs in the business and anticipate a positive operational profit in 2023 as our revenue base matures and we become more established in our operations and markets. This capital increase is a great encouragement for us and we look forward to an even brighter future,” says Birgir Jónsson, CEO of PLAY.