Gamer Pakistan Inc., an esports company, is poised to become the first Pakistani entity to trade on Nasdaq after it priced its initial public offering this week.
It’s also a market in which mobile phone subscriptions have grown at a stellar pace to cover about 80% of the population in 2020 compared with 0.2% in 2000, according to the company’s prospectus. “Our initial focus is on creating college, inter- university and professional esports events for both men’s and women’s teams, particularly esports opportunities with colleges and universities in Pakistan,” says the prospectus.
“We will endeavor to integrate competitive events that include our teams and leagues with regional and global teams and leagues sponsored by others, including companies formed by certain of our stockholders to promote sports, including esports, in other countries,” says the prospectus. Still, for now, the company has no profit or even revenue. For the first six months of 2023, expenses totaled $216.271, which was covered by private sales of equity securities and loans.
Gamer Pakistan is headed up by Chief Executive James Knopf, a 58-year-old entertainment sales executive with more than 25 years of experience selling large-scale content distribution deals across platforms including TV, digital, mobile and over-the-top, or OTT services.
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »