Playstudios debuts on Nasdaq after completing SPAC merger

The Nasdaq stock exchange has a new entrant from the online gaming sector, as Playstudios made its debut as a public company on June 22 after officially completing its merger with special purpose acquisition company (SPAC) Acies Acquisition Corp. on June 17. The business combination will trade under the ticker symbol ‘MYPS.’

Playstudios, a developer of free-to-play mobile and social games, has approximately $220m cash on hand that it will put toward accelerating its product development and future M&A ambitions as it begins its journey as a public company.

Acies’ management team is led by Jim Murren, the former chairman and CEO of MGM Resorts International. Murren joins Playstudios’ board of directors alongside founder and CEO Andrew Pascal, as well as Bill Hornbuckle, who succeeded Murren at MGM.

“As Playstudios enters this exciting new chapter in our history, we are uniquely positioned to accelerate our growth within the robust games market,” said Pascal. “Our listing on Nasdaq is a testament to the enormous opportunity ahead of us as we leverage our strengthened capital position and institutional support to launch new products, pursue new acquisition opportunities, and scale up our unique playAwards loyalty program.”

Playstudios touts its loyalty program as unmatched in the industry thanks to a collection of over 95 partners and 290 dining, entertainment, and gaming brands. That includes MGM’s extensive collection of premium properties such as Bellagio, Aria, and Mirage on the Las Vegas Strip, where members can exchange their points for hospitality services and amenities.

Since being founded in 2011, Playstudios loyalty program members have amassed over 11 million rewards points with a retail value of nearly $500m.

The SPAC merger between Playstudios and Acies was first announced in February and valued Playstudios at $1.1bn, or 2.5x its projected 2022 revenue of $435m.