PLAYSTUDIOS, Inc. (MYPS): M&A transaction — PLAYSTUDIOS acquires Pixode Games' assets for $3.5M plus up to $3.7M contingent

PLAYSTUDIOS, Inc.

Acquired substantially all assets of Pixode Games for $3.5M cash at closing, with $100K held for indemnification.
Additional $1.0M payable upon game launch and up to ~$2.7M contingent consideration based on three-year performance.
Estimated acquisition-date fair value of contingent consideration ~$2.7M based on likelihood of achieving targets.
Amended credit agreement with JPMorgan to exclude contingent consideration from debt incurrence covenant.
Customary representations, warranties, and indemnification provisions in the asset purchase agreement.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

PLAYSTUDIOS, Inc. completed an acquisition involving Pixode Games Limited for $3.5 million paid at closing (closed 2024-07-01).

Action: acquisition
Counterparty: Pixode Games Limited
Consideration: $3.5 million paid at closing
Closing: 2024-07-01

Exact text from the filing

Israel acquired substantially all of the assets of Pixode (the “Pixode Acquisition”). The Pixode Acquisition closed on July 1, 2024. The purchase price for the transaction was $3.5 million paid at closing (of which $100,000 was withheld to cover potential future indemnification claims), a potential additional $1.0 million payable on launch of the Game (as defined

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Source: SEC EDGAR

accession 0001823878-24-000028

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