Playlogic gets US market listing through reverse merger
Dutch publisher and developer Playlogic International NV has secured a listing on the OTC Bulletin Board stock market in the USA, following a reverse merger with OTC-listed firm Donar Enterprises Inc.
Dutch publisher and developer Playlogic International NV has secured a listing on the OTC Bulletin Board stock market in the USA, following a reverse merger with OTC-listed firm Donar Enterprises Inc.
The deal saw all shares of Playlogic stock being exchanged for Donar stock, which trades under the symbol DNRR.OB at present, with Playlogic's shareholders left holding some 94.8 per cent of Donar's common stock.
Donar is set to change its name to Playlogic Entertainment Inc in the wake of the merger, and will be officially headquartered in New York. However, the company will continue to operate on Playlogic's existing business plan.
Playlogic CEO Willem M Smit becomes the president and CEO of Donar following the deal, with Rogier W Smit becoming executive vice president and Leo van de Voort named as CFO, while former Donar director and president Timothy Halter has resigned.
The deal is a further step in Playlogic's continuing transition towards a stronger focus on the USA; the company has already changed its method of accounting to be compatible with US GAAP.
"We believe this transaction will offer Playlogic important access to the US capital market," commented Willem Smit, "and will enable us to capitalise on what we perceive to be enormous growth opportunities in the games and digital entertainment market internationally."