Embracer has raised $182m in share issue
Swedish games firm Embracer Group has raised SEK 2 billion ($182 million) in newly issued shares.
In a post on its investor relations page, the company announced that it had issued 80 million new B-class shares to both Swedish and international investors. Each share was sold at SEK 25 ($2.28).
This fundraising will apparently help Embracer reduce its debt to SEK 8 billion ($728.6 million) by the end of the 2023/24 fiscal year.
“The strong support from both existing and new investors in this share issue proves a firm belief in Embracer Group’s strategy to become a stronger company by unleashing the significant untapped potential in the group,” Embracer CEO Lars Wingefors said.
“While the restructuring program is developing according to plan, the proceeds from this share issue will further strengthen our financial position, improving both financing cost and our operational flexibility, and enabling us to focus on the key aspects of the program. Ultimately, this will empower our entrepreneurs and creators to continue to deliver outstanding and memorable experiences to gamers and fans across the globe.”
This comes in the wake of Embracer’s stock price tanking following new that $2 billion partnership had fallen through. As a result, the company is restructuring its operations, with jobs, studios and game projects on the chopping block.
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