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Battlefield PlayStudios & Acquisition - the complete combination


completed the merger with a special purpose acquisition company Acies Acquisition Corp

, after approval was obtained at the extraordinary meeting of the latter's shareholders last week.

As of today (Tuesday June 22), the Class A common stock and warrants of the combined company renamed PlayStudios, begin trading on the Nasdaq under the tickers "MYPS" and "MYPSW" respectively.

With approximately $220m in cash, the group is poised to accelerate the company's development initiatives, which include significant expansion of product development and acquisitions of other gaming and related companies.

"As PlayStudios enters this exciting new chapter in our history, we are uniquely positioned to accelerate our growth in a thriving gaming market," he added Andrew Pascal, founder, president and CEO PlayStud ios.

"Our Nasdaq listing is a testament to the tremendous opportunities that lie ahead as we leverage our enhanced capital position and institutional support to launch new products, look for new acquisition opportunities and scale up our unique playAwards loyalty program."

The transaction implies a company valuation for PlayStudios of $ 1.1 billion or a projected 2.5x 2022 revenue of $ 391 million or .3x the projected 2022 pro forma adjusted EBITDA of $ 22 million.

Acies' management team is led by the president Jim Murren

, former Chairman and CEO of MGM Resorts International, and as Co-CEOs of Dan Fetters and Edward King, former Managing Directors of Morgan Stanley. PlayStudios is led by Pascal, who will continue to lead the combined group along with his current founder-led management team.

Following the disclosure of the terms of the deal earlier this year, it was said that following the close and assuming that none of Acies's public shareholders would decide to redeem their shares, current PlayStudios shareholders are expected to own 64 percent of the combined company, Acies sponsors are expected to will own three percent, PIPE participants 18 percent, and public shareholders 18 percent.

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