Fly Play hf.: PLAY has secured share subscription commitments in the amount of 4,000 million Icelandic Krona

Fly Play hf. (“PLAY” or the “Company”) has now secured share subscription commitments in the amount of ISK 1,400 million, in addition to the subscription commitments in the amount of approximately ISK 2,600 million, as previously announced. The condition for total commitments in the amount of ISK 4,000 million has therefore been fulfilled, and the commitments are now only subject to the approval from the Company’s Annual General Meeting on 21 March 2024 to authorize an increase in the equity in the Company. The subscription price is ISK 4.5.

In addition to the share increase described above, the Company’s Board of Directors will propose to shareholders that the Board will be granted authorization to initiate a public offering in the amount of the equivalent of EUR 8 million in Icelandic Krona, at the subscription price of ISK 4.5. Current shareholders will have priority in case of oversubscriptions. The offering is exempted from the obligation to publish a prospectus, in accordance with the provisions of Article 3, paragraph 1 under the Act on Prospectus for Securities When Offered to the Public Offering or Admitted to Trading on a Regulated Market no. 14/2020.

The uplisting of PLAY’s shares to the Nasdaq Main Market in Iceland is expected to conclude before the end of the second quarter, and the preparation is progressing as planned.

Birgir Jónsson, PLAY‘s CEO:

„It has been a true pleasure to witness the positive reaction that investors have shown our equity raise. With the commitments we have now secured, in addition to the commitments from our largest shareholders already announced, PLAY has now secured new equity in the amount of 4,000 million krona. This number may be further increased following the public offering that is planned following the authorization from the company’s Annual General Meeting in March.

This equity raise substantially strengthens the Company’s financial position and allows it to execute exciting growth opportunities and/or handle unexpected events. This is an important milestone for our good company and its employees. It is fascinating to experience how professionalism among the company employees is further enhanced. The group’s ambition is really special, and it is a privilege to work with this powerful group of PLAYers.“

The offering is managed by Arctica Finance hf., as a Lead Financial Advisor, overseeing the issue and listing of the new shares and handling the settlement of the offering. Arctica Finance hf. and Fossar Investment Bank hf. act as Joint Bookrunners in the offering and Greenhill (Mizuho) acts as an advisor.

Arctica Finance hf. acts as the manager of the admission to trading of the Company‘s shares on the Main Market of Nasdaq Iceland.