Next Games looking to raise $8.85 million by offering shares in the studio

Finnish mobile developer Next Games is looking to raise €8 million ($8.85 million) by offering shares in the studio.

Funds raised would go towards strengthening the balance sheet of the company, general corporate purposes as well as enable future investments, including product development and marketing.

Existing shareholders in Next Games get the first option to purchase, while the new offering will look to expand the shareholder base and increase the liquidity.

The offering of shares in the company will need to be approved by the board of directors, with an Extraordinary General Meeting (EGM) set to take place on September 25th.

“Third and final phase”

“Next Games has successfully renewed its operations during this year by stabilising its business operations and rebuilding the product development pipeline,” said Next Games CEO Teemu Huuhtanen.

“The third and final phase of the turnaround project is to secure additional funding. The contemplated rights offering would be an important step in executing our strategy and enable investments in the future.

“I am very pleased about our current shareholders’ commitment to developing the company and happy that we have received a total of €8 million ($8.85 million) subscription undertakings from Jari Ovaskainen and AMC Networks Ventures LLC.”