REG - Streaks Gaming PLC - Intention to Float
22/09/2022 08:15
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RNS Number : 2272A Streaks Gaming PLC 22 September 2022
Press Release
22 September 2022
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INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO
ISSUE OR SELL, OR ANY SOLICITATION OF ANY OFFER TO SUBSCRIBE OR PURCHASE, ANY
INVESTMENTS IN ANY JURISDICTION. This announcement is an advertisement for the
purposes of the Prospectus Rules of the UK Financial Conduct Authority ("FCA")
and not a prospectus and not an offer to sell, or a solicitation of an offer
to subscribe for or to acquire securities. Neither this announcement nor
anything contained herein shall form the basis of, or be relied upon in
connection with, any offer or commitment whatsoever in any jurisdiction.
Investors should not purchase or subscribe for any transferable securities
referred to in this announcement except on the basis of information contained
in the prospectus (the "Prospectus") in its final form expected to be
published by Streaks Gaming PLC in due course in connection with the proposed
admission of its ordinary shares to the standard listing segment of the
Official List maintained by the FCA (the "Official List") and to trading on
the London Stock Exchange plc's (the "London Stock Exchange") main market for
listed securities (the "Main Market"). Copies of the Prospectus will,
following publication, be available for inspection from www.playstreaks.com
Streaks Gaming PLC
("Streaks" or "the Company")
Intention to Float on the London Stock Exchange
Streaks Gaming PLC, a UK-based provider of conversational gaming products is
pleased to announce its intention to join the main market of the London Stock
Exchange this autumn.
The flotation is expected to value Streaks at approximately £10.2m
(pre-money) and will make it the first LSE-listed "pure-play" conversational
gaming company.
The Company will apply for a standard listing and raise between £5m and10m
through an initial public offering for its ordinary shares that will include a
retail offer. Tennyson Securities is acting as Bookrunner and Corporate Broker
to the Company. PrimaryBid will conduct a retail offer for the Company.
Net proceeds from the IPO will be deployed to develop and market
conversational games with an initial focus on the US market. In
particular, the Company aims to become the "conversational gaming" partner of
licensed sportsbook operators in the United States, leveraging their licenses
to drive additional engagement and monetisation for their existing user bases
and acquiring new users.
The global sports betting market is poised to grow by $143.73 billion between
2022 and 2026. The driving force behind this growth is expected to be the
continuation of the sports betting legalisation wave across the globe and, in
particular, in the US.
The projected growth can mainly be attributed to the growing wave of
state-level sports betting legalisation sweeping across the US. This has
created competition between established land-based casinos, digital-first
daily fantasy sports (DFS) platforms and international sports betting
operators, fought via regulatory battles, significant advertising budgets and
partnership deals, where competitors are scrambling to reach and convert the
new audience of prospective bettors unleashed through legalisation. The
Directors believe that a significant portion of this audience will not be
converted via legacy technology. Instead, this younger sports fan audience
will be introduced to sports betting by a new wave of casual conversational
betting games that leverage cutting-edge natural language processing models
like the GPT series released by OpenAI.
Mark Rutledge CEO of Streaks said: "We are delighted to be the very first
pure-play conversational gaming company to list on the LSE. The last few years
have seen massive growth in the US sports betting market. A London stock
market listing will provide us with the profile, credibility and access to
global capital to drive our growth."
Company Highlights
Streaks was established in March 2021 to develop a conversational gaming
platform with a focus on partnering with licensed sportsbook operators to
drive additional engagement and monetization for their existing user bases and
help them acquire new users.
Streaks launched its proprietary conversational gaming platform in 2021 in
time for the NFL season. As of May 2022 the Company had registered over
80,000 users.
The Company has launched at www.playstreaks.com (http://www.playstreaks.com)
For further information please contact:
Streaks
Mark Rutledge +44 207 031 6871
Chief Marketing Officer
Brian Stockbridge +44 787 645 5323
Investor Relations
Tennyson Securities
Corporate Broker +44 207 186 9030
Peter Krens
PrimaryBid
Retail Broker +44 203 026 4750
James Deal
Fahim Chowdhury
Board members:
Michael Edwards, Non-Executive Chairman
Mike Edwards has a wealth of experience in building consumer technology
companies in private and public markets. He has co-founded several successful
companies including AreaConnect.com, a consumer content company acquired by
NASDAQ listed Marchex in 2008, Wyley Interactive, a mobile game engagement
platform, acquired by NASDAQ listed Zynga in 2014, Caravan Digital a venture
capital backed startup foundry that builds consumer technology companies by
leveraging the Creative Artist Agency's access to talent and audience, East
Side Games Group Inc, a counter culture mobile conversational game studio
listed on the TSX. Mr Edwards has also invested in early stage consumer
companies such as Punch'd (later acquired by Google), Wander (later acquired
by Yahoo), Summify (later acquired by Twitter), BlueBat Games (later acquired
by Novomatic Group), Retsly (later acquired by Zillow) and Password Box (later
acquired by Intel). He is also a co-founder of: Argo Blockchain PLC, an
enterprise-scale provider of cryptocurrency mining services listed on the
London Stock Exchange and NASDAQ; Guild Esports Plc, a global esports
franchise listed on the London Stock Exchange; Pioneer Media Holdings, Inc.
an investment company listed on the NEO Exchange and AQSE focussing on mobile
gaming, esports and the metaverse; Cellular Goods Plc, the first producer of
biosynthetic cannabinoids to join the London Stock Exchange; and NFT
Investments Plc, the first publicly traded vehicle for the new NFT asset
class.
Mark Rutledge, Executive Director, CEO
Mark Rutledge has over 25 years of experience as a serial entrepreneur,
C-level executive and strategic adviser with a particular expertise in
structuring and financing technology start-ups. In the early stages of his
career, Mark practised securities and entertainment law, and acted for clients
such Viacom, Disney, Paramount, Time Warner, Showtime, USA Networks, and Canal
+ (France) arranging over $100M in production and equity financings. He is
currently CEO of Carraway Capital Corp., and co-founder and President of
Sosido Networks Inc. a pre-eminent knowledge-sharing community for health-care
professionals. He was until recently a Director of East Side Games, a leading
mobile gaming company, (TSE:EAGR), and is currently a Director of Pioneer
Media Holdings Inc. (NEO:JPEG) a web3 gaming infrastructure company and AQRU
plc (AQSE:AQRU), a company focused on opportunities in decentralized finance
("DeFi"), helping to take all three companies public. He is also a Director of
Aja Ventures Inc., a health sciences company focused on longevity.
David Raphael, Executive Director, Chief Marketing Officer
David Raphael is an expert user acquisition marketer and the former Director
of Digital Marketing for Fanduel. After graduating from the University of
Chicago, Mr Raphael worked as marketing analyst for Sears and Experian before
joining Snap Interactive where he was promoted to Director of Marketing and
managed a multi-million dollar marketing budget for a social dating app with
over 100 million users. Since Fanduel's acquisition, Mr Raphael has led user
acquisition strategy for several leading consumer mobile apps like GoodRx
(number one medical app in the US), Wag (number one dog app), Wheels and
Lucktastic.
Nicholas Lyth, Executive Director, Chief Financial Officer
Nicholas Lyth is a UK based, experienced board director and qualified
accountant with over five years' experience advising a number of quoted
companies including AIM listed companies Univision Engineering Ltd, Altona
Energy plc and Taihua plc and AQSE listed NFT Investments plc. Prior to his
recent public company experience, Mr. Lyth was Group Finance and Purchasing
Director of Belle Group, a manufacturer of engineering equipment operating
across Europe, the US and Asia. He was also Head of Finance at Fothergill
Group, a UK manufacturer of technical industrial fabrics, between 1996 and
2003. In his early career, Nick was a management accountant at Courtaulds plc
and Rotunda plc.
Gordon Silvera, Executive Director, Chief Data Officer
Gordon Silvera is an expert data scientist and the former Senior Data
Scientist at Spotify. After graduating from Dartmouth College, Mr Silvera
worked in analytics and data science for Digitas, FanDuel and Vocate. At
Spotify Mr Silvera launched Data SWAT, Spotify's internal data science
consulting team. Mr Silvera's team also provided analytical support on
high-priority strategic projects across the company, such as the Year in
Review campaign.
Kalum Lee Hourd, Non Executive Director
Kalum Hourd is an experienced esports entrepreneur and is the CEO of Guild
Esports PLC, a global esports organisation listed on the Main Market of the
London Stock Exchange. He has been a successful entrepreneur and executive
for more than 25 years and is experienced in developing marketing and content
strategies to achieve audience growth and generate media value, resulting in
advertising revenue back to the company. In Guild's first year, the company
secured an owned audience of 1 million, with a total reach exceeding 20
million. The fast growth resulted in partnerships with global brands in the
gaming, electronics, beverage, restaurant and crypto spaces. Prior to Guild
Esports, Kalum was CEO of CYQiQ Gaming, an esports organisation in Canada.
Senior Management
David Brown, Vice President, Product & CRM
David Brown is a former FanDuel and Spotify product growth expert. David has
several years of experience in fantasy sports gaming, leading CRM at FanDuel.
While at Spotify, he contributed to Spotify's growing MAU base and Premium
subscription business by co-designing a novel machine learning powered
notifications product alongside ML engineers, product designers, UX writers
and user researchers. Prior to joining Spotify, David was the CRM lead at
health tech startup Blink Health; an e-commerce prescription drug business.
Further details of the Senior Manager's service agreements and letters of
appointments (as applicable) are set out in paragraph 10.5 of Part VII:
Additional information of this document.
Advisory Team
Ryan Faber - Co-Founder
Ryan Faber is a successful serial entrepreneur and the former VP of Digital
Marketing at Fanduel. In 2014, he successfully launched Fanduel's iOS and
Android apps and powered them to be number one apps in the respective sports
categories. Mr Faber won three Webby Awards for Best Mobile Sports Experience,
efficiently managed over US$100 million in online advertising, and
successfully led Fanduel's digital marketing strategy up until Fanduel was
acquired by Paddy Power Betfair in 2018. Mr Faber also founded Flatiron
Collective, a leading growth accelerator for consumer mobile apps. Flatiron
has managed over US$650 million in digital advertising spend, and its partners
have raised over US$1.65 billion in venture capital with eight exits between
2018 and 2020.
Ashek Ahmed
Ashek Ahmed established the Product Analytics Team at FanDuel and was
previously a member of the Growth Committee. Mr Ahmed currently focuses on
growing and advising consumer companies from a variety of industries,
including, among others, real money gaming, healthcare, and insurance, with an
emphasis on setting up and managing the infrastructure and analytics in order
to scale companies efficiently. In addition, he has worked with NGOs including
US Pharmacopeia and Asian University for Women. Prior to FanDuel, Mr Ahmed
worked in New Ventures at SecondMarket and was an analyst at NERA Economic
Consulting (Oliver Wyman Group).
Robert Pieta
Robert Pieta is an expert developer and Founder of Worthy.AI, a predictive
analytics company used by leading gaming companies to predict future user
value. Prior to founding Worthy.AI, Robert founded a successful software
consulting firm that developed top 10 mobile apps, voice assistants and AI
technology.
ENDS
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