Benzinga | Jun 21, 2021 04:31PM EDT

PLAYSTUDIOS, Acies Say Complete Business Combination, Will Begin Trading On Nasdaq As 'MYPS'

PLAYSTUDIOS, Inc. ("PLAYSTUDIOS" or the "Company"), an award-winning developer of free-to-play casual mobile and social games that offer real-world rewards to loyal players, announced today that it has completed its previously announced business combination (the "Business Combination") with Acies Acquisition Corp. (NASDAQ:ACAC, ACACU, ACACW))))) ("Acies"). The Business Combination was approved at a special meeting of Acies' shareholders on June 17, 2021 and the combined company changed its name to PLAYSTUDIOS, Inc.

Beginning on Tuesday, June 22, 2021, PLAYSTUDIOS' Class A common stock and warrants will trade on the Nasdaq under the ticker symbols "MYPS" and "MYPSW," respectively. With approximately $220 million in cash1, PLAYSTUDIOS is poised to accelerate the company's growth initiatives, which include substantially expanding product development and acquisitions of other gaming and related companies.

PLAYSTUDIOS has developed a portfolio of beautifully designed, top-ranked games that have attracted a loyal following due, in part, to the company's unmatched playAWARDS Loyalty Program, which allows players to earn real-world rewards from a curated collection of over 95 partners and 290 entertainment, retail, travel, leisure, and gaming brands. To date, the PLAYSTUDIOS community has used its in-app loyalty points to purchase over 11 million rewards with a retail value of nearly $500 million. The Company was honored with a 2021 Top Publisher Awards by App Annie, the gaming industry's leader in app analytics and aggregated app performance data.

PLAYSTUDIOS is led by Founder, Chairman, and Chief Executive Officer Andrew Pascal, who will continue to lead the combined company along with his current founder-led management team. The Board of Directors will initially consist of six members, including Andrew Pascal, William Hornbuckle, James Murren, Jason Krikorian, Judy K. Mencher, and Joe Horowitz.

"As PLAYSTUDIOS enters this exciting new chapter in our history, we are uniquely positioned to accelerate our growth within the robust games market," Mr. Pascal said. "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."

J.P. Morgan and LionTree Advisors acted as financial advisors to PLAYSTUDIOS and Davis Polk acted as the company's legal advisor. Morgan Stanley acted as capital markets advisor to Acies Acquisition Corp., and Latham & Watkins LLP acted as its legal advisor. J.P. Morgan, LionTree Advisors, Morgan Stanley, and Oppenheimer & Co. acted as placement agents for the PIPE.