HENDERSON, Nev., Sept. 28, 2023 (GLOBE NEWSWIRE) -- Gamer Pakistan Inc. (NASDAQ: GPAK), an early-stage technology and esports company focused on game development and in-game AI community engagement, and organizing esports events in Pakistan, today announced the pricing of its initial public offering of 1,700,000 shares at a public offering price per share of $4.00.
All shares are being offered by Gamer Pakistan. In addition, Gamer Pakistan has granted the underwriters a 45-day option to purchase an additional 255,000 shares of its common stock at the initial public offering price, less the underwriting discounts and commissions.
In connection with the offering, the Company's common stock has been approved for listing on the Nasdaq Capital Market. The shares are expected to begin trading on the Nasdaq Capital Market on September 29, 2023, under the ticker symbol "GPAK". The offering is expected to close on October 3, 2023 subject to customary closing conditions.
The gross proceeds to Gamer Pakistan from the offering, before deducting the underwriting discounts and commissions and offering expenses, are expected to be $6,800,000 million. Gamer Pakistan expects to use the net proceeds from the offering to build infrastructure, organize and promote esports tournaments in Pakistan, increase staff, acquire one or more eGame developers, build an integration in to Trade Desk for the Sale of Data to Brands, and provide general working capital.
WestPark Capital, Inc. is the sole Book-Running Manager for the offering.
A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering will be made only by means of a prospectus. A copy of the final prospectus relating to this offering, when available, will be filed with the SEC and may also be obtained from WestPark Capital, Inc., Attn: Prospectus Department, 1800 Century Park East, Suite 220, Los Angeles, CA 90067 or by calling (310) 203-2919 or by emailing prospectus@wpcapital.com.
About Gamer Pakistan
Gamer Pakistan Inc. (NASDAQ: GPAK), is an esports event development and product marketing company that was founded in November 2021 to create college, inter-university and professional esports events for all genders in Pakistan. Gamer Pakistan is rapidly becoming the premiere university esports partner for secondary education institutions in Pakistan. Gamer Pakistan creates the formats and events to provide a competitive environment in which to unearth and nurture budding esports talent at the collegiate level and provide them with opportunities to represent Pakistan globally in their journey to becoming world-class professional esports athletes. Operations are conducted through wholly-owned subsidiary K2 Gamer (PVT) Ltd., and affiliate Elite Sports Pakistan Pvt. Ltd. For more information visit www.gamerpakistan.com.
Forward-Looking Statements
All statements in this release that are not based on historical fact are "forward-looking statements." While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our recently filed Registration Statement on Form S-1, which can be found on the SEC's website at www.sec.gov. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Investor Relations Contact:
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
GPAK@mzgroup.us
www.mzgroup.us
