Starbreeze AB, a global developer, publisher, and distributor of PC and console games, is set to convert an outstanding convertible loan into shares of series B. Digital Bros S.p.A., the holder of the convertible loan, has requested the conversion of approximately MSEK 215 ($23.6 million) into new shares of series B. This conversion will result in the issuance of 148,311,724 new shares of series B in Starbreeze.
The conversion price has been set at SEK 1.45 ($0.16) per share, following the completion of a rights issue. As a result of this conversion, Starbreeze’s share capital will increase by SEK 2,966,234.49 ($325,296.70), from SEK 26,569,006.42 ($2,915,895.63) to SEK 29,535,240.90 ($3,240,192.33). The number of shares of series B will also increase from 1,076,841,522 shares to 1,225,153,246 shares, representing a dilution of approximately 10 percent of the total number of shares and 4 percent of the total number of votes in Starbreeze.
In addition to the conversion, Digital Bros and other shareholders have also converted shares of series A to shares of series B during the month of July. After the completion of the conversion of the convertible loan, Digital Bros will hold approximately 21.0 percent of the shares and 29.2 percent of the votes in Starbreeze.
The conversion of the convertible loan settles the rights and obligations between Digital Bros and Starbreeze, including the waiver of accrued but unpaid interest related to the loan.
Starbreeze, with studios in Stockholm, Barcelona, Paris, and London, is known for its hit game franchise PAYDAY. The company develops games based on both proprietary and third-party rights, working in-house and in partnership with external game developers. Starbreeze shares are listed on Nasdaq Stockholm under the tickers STAR A and STAR B.
This conversion of the convertible loan will provide Starbreeze with additional capital and support its growth in the global gaming market. With Digital Bros retaining a significant stake in the company, Starbreeze aims to continue creating and publishing innovative games that captivate players worldwide.
For more information about Starbreeze and its projects, visit their official website at www.starbreeze.com.