Market speculation regarding proposed fundraising
Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this Announcement, this information is now considered to be in the public domain.
26 April 2019
Bidstack Group PLC ("Bidstack or "the Company")
Market speculation regarding a proposed fundraising
The Directors of Bidstack Group PLC (AIM: BIDS.L), the native in-game advertising group, note recent market speculation regarding a proposed equity fundraising by the Company.
The Company confirms that it is considering raising funds by way of a placing of new ordinary shares to support its growth. This follows indications of interest from a number of potential investors.
As stated in the Company's recent Annual Report and Accounts, the Company is experiencing high levels of interest in its business model from games publishers, developers and other leading technology businesses.
The Group's strategic challenge is about speed and execution. What Bidstack is doing now has never been done before, giving us a first mover advantage in the commercialisation of programmatic native in-game advertising.
The Board is exploring the investment opportunity with which it has been presented to ensure that Bidstack has the resources, connections and personnel required to maximise the considerable commercial opportunity currently available to it.
The new funds, if raised, would be used to:
· Accelerate the Group's technical development curve to address some of the significant new opportunities opening up for Bidstack;
· Significantly grow the size of the Company's technical development team and hire developers who can code in languages such as unity and react native and have expertise with technologies which Bidstack does not currently use, including blockchain, to access more games and connect with more significant DSPs and to give it the resource to interact with some of the world's largest games companies and publishers;
· Accelerate the Company's "land grab" by giving it increased resource to deal with and sign up more and bigger games;
· Accelerate our marketing efforts to major brands including creating a network of Bidstack approved digital marketing agencies; and
· Raise Bidstack's profile and credibility in both the gaming and programmatic digital advertising communities including setting up representative offices on the US West Coast and in Asia (most likely Singapore).
There can be no certainty that any fundraising will proceed. However, the Directors are encouraged by the indications of support for both the Company and the proposed fundraising from both new and existing shareholders.
Further announcements will be made as appropriate.
~ENDS~
Contacts
Bidstack Group PLC
James Draper, CEO +44 (0) 7850 341 885
SPARK Advisory Partners Limited (Nomad)
Mark Brady/Neil Baldwin/James Keeshan +44 (0) 203 368 3550
Peterhouse Capital Limited (Broker)
Eran Zucker/Lucy Williams/Duncan Vasey +44 (0) 20 7409 0930
Alma PR
Josh Royston/Sam Modlin +44 (0) 203 405 0205
Notes to editors
Bidstack is an advertising technology company which provides dynamic, targeted and automated native in-game advertising for the global video games industry across multiple platforms. Its proprietary API technology is capable of inserting adverts into natural advertising space within video games across multiple video games platforms (mobile, PC and console).
Bidstack's customers are games publishers and developers and advertising agencies, brands and programmatic advertising platforms. Bidstack contracts exclusive access to the native in-game advertising space within video games from their developers or publishers and sells that advertising space either direct to specific brands and their agencies or through programmatic advertising platforms.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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