Semper Fortis Esports begins trading on Aquis Exchange following oversubscribed fundraising

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Semper Fortis Esports PLC (LON:SEMP) started its first day of dealings on the Access segment of the Aquis Stock Exchange in London following an oversubscribed fundraising.

The firm, which is focused on establishing esports teams and technology partnerships as well as providing business advisory services, said it has raised around £2.5mln through the placing and subscription of 255.5mln new shares at a price of 1p each, giving it a market cap at admission of £4.2mln.

Semper said the proceeds of the fundraise will be used for working capital to pursue its objectives, adding that it believes it has the skill set to “gain a strong foothold in the UK market which is set to mature rapidly”.

“We are delighted with the support the Company has received from both existing and new shareholders. The successful fundraising will now enable the management to begin the pursuit of its strategy in the exciting and growing market represented by esports, forecast to grow 12% per year globally between 2020 and 2024. We look forward to updating the market with further developments in due course”, chief executive Kevin Soltani said in a statement.

“Our multifaceted business model covering esports teams, brand & technology partnerships and B2B advisory services ensures investors have multiple shots on goal when it comes to exposure to this rapidly growing industry”, he added.

In early deals on Monday, shares in the company were trading above their offer price at around 1.13p.

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