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The NFT Gaming Company (NFTG) is looking to raise around $7M through an initial public offering to help fund development of its new gaming platform Gaxos.
The online game developer said in a filing that it is considering offering 1.7M shares at the assumed price of $4.15 per share. Underwriters would be granted a 45-day option to buy up to 15% additional shares beyond those sold in the offering.
The company hopes to list its shares on Nasdaq under the symbol NFTG. EF Hutton is serving as lead bookrunner. NFT Gaming also intends to conduct a 1-for-1.33 reverse stock split ahead of the transaction.
Based in New Jersey, NFT Gaming is building a digital gaming platform called Gaxos for its proprietary games and those created by third party developers and publishers. The platform will also allow players to buy and own in-game NFT assets such as characters, skins and gear.
Founded in 2021, NFT Gaming is not yet generating revenue. The company reported a net loss of $772K for the six-month period ended June 30, 2022.
For more on NFT Gaming, check out SA contributor Donovan Jones’s “The NFT Gaming Company Launches $7M Micro IPO.”
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Image and article originally from seekingalpha.com. Read the original article here.