Wednesday, August 28, 2024
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Reverse split. On August 21, the company announced a one for ten reverse stock split on its ordinary shares. Notably, the reverse split will be effective following the market close on August 28, and will be adjusted for the split when trading opens on August 29. We view the move favorably as the company sheds its SPAC image.
Positive implications. Management highlighted that the reverse split could improve the marketability and attractiveness of its shares, as an investment grade company that it is. We believe the higher share price could improve investor perception, liquidity and marketability of the GDEV shares and open the company to more institutional interest, with the shares trading above single digit price points.
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