Gentoo Media Completes Restructuring, GiG Software Spins Off as Independent Company
Gentoo Media, formerly known as Gaming Innovation Group Inc (GiG), has successfully finalised its restructuring process, officially splitting its media and platform divisions into two independently listed companies – Gentoo Media and GiG Software PLC.
Completion of Restructuring Process
After receiving approval from its board of directors, Gentoo Media confirmed that all legal steps necessary for the split had been completed.
As part of this process, the assets and subsidiaries of the platform business were separated from Gentoo Media Inc. and distributed to shareholders.
GiG Software’s Future as a B2B Provider
GiG Software will continue as a standalone B2B company, offering proprietary platform and sportsbook technology to the iGaming sector.
The company is set to be listed on the Nasdaq First North Premier Growth Market.
Meanwhile, Gentoo Media will focus on providing marketing affiliate services and will be listed on both the Oslo Stock Exchange and Nasdaq Stockholm under different ticker symbols.
Market Leadership and Financial Stability
Jonas Warrer, CEO of Gentoo Media, highlighted the potential of the company’s new direction: “We are thrilled by the opportunities this split presents, allowing us to strengthen our market leadership while enhancing shareholder value.”
In addition to the split, Gentoo Media secured financial flexibility through a €25 million Revolving Facility Agreement with Citibank Europe plc, ensuring continued operational stability.
Mikael Harstad, Chair of the Board at Gentoo Media, stated: “This marks a new chapter in the ongoing evolution of our media affiliate business.”
Investor Impact and Stock Listings
The separation of GiG Software has resulted in the distribution of depository receipts to shareholders. Norwegian Depository Receipts (NDRs) were issued to investors in Euronext Securities Oslo, and Swedish Depository Receipts (SDRs) to those in Euroclear Sweden.
While GiG Software’s SDRs will be listed on the Nasdaq First North Premier Growth Market, the NDRs will not be listed in Norway.
However, NDR holders can convert them to SDRs through their brokers or banks.
Strategic Spinout and Growth Plans
Richard Carter, CEO of GiG Software, sees the split as a critical opportunity for the company: “Today marks a pivotal moment for GiG as we embark on a new chapter of growth and opportunity… This is the start of an exciting new era, with GiG positioned to deliver as a leader in the global B2B iGaming industry.”
Both companies have taken strategic steps to ensure their financial stability.
GiG Software has received sufficient starting capital to secure its operations, while Gentoo Media used proceeds from a recent share issue to settle existing loans.
Future Prospects
Phil Richards, CFO of GiG Software, expressed confidence in the company’s future: “We’re confident that as we continue to deliver on our strategy, the full value of the potential of this business will be realised.”
Petter Nylander, Chair of the Board at GiG, also added: “By focusing exclusively on our technology and full end-to-end services, we are unlocking new avenues for growth and innovation.”
