The Gaming Innovation Group (the Company) has officially changed its name to Gentoo Media Inc. following a resolution at the Special Shareholder Meeting. The Company has finalized its name and ticker changes on the Oslo and Stockholm stock exchanges, effective from September 25, 2024, and is proceeding with the restructuring to spin off its GiG Platform business into a new public entity, GiG Software PLC.
GiG shareholders representing 57.4% of the voting shares opted for the spin-off of the platform business as a new entity, GiG Software PLC.
The vote was the final hurdle in the long-awaited division, which was first announced at the beginning of 2023 as part of a strategic review and is expected to be completed by September 30.
The Company will initiate the name and ticker change on the Oslo Stock Exchange and Nasdaq Stockholm, expecting the changes to take effect from September 25, 2024.
The ticker for shares listed on the Oslo Stock Exchange will change from "GIG" to "G2MNO", while the ticker for shares listed on Nasdaq Stockholm will change from "GIGSEK" to "G2M". This is an administrative matter, and shareholders do not need to take any action.
The Board of Directors will now initiate the final steps of the restructuring process through which the GiG Platform business will be spun off to operate as an independent public company, GiG Software PLC, (the "Spin-off").
The assets and subsidiaries of the GiG Platform business will be extracted from the Company and distributed to shareholders in the form of deposit receipts in GiG Software PLC.
The Spin-off will result in the division of the Company into two separate unaffiliated public companies. The Media Business will remain with the company and continue as Gentoo Media Inc.
The decision to split the businesses was first suggested in December 2021, when shareholder Hessi Mocca said in a webcast that splitting the company could help boost value for shareholders.
GiG announced that it would take this path in February 2023, as part of a broader strategic review that would allow each division to grow faster once separated.
Source: GMB
