Filing Overview
This Form 8-K was filed by Acies Acquisition Corp., not PLAYSTUDIOS, Inc., on December 10, 2020, under Item 8.01 (Other Events). The filing concerns the separation and separate trading of units, Class A ordinary shares, and warrants following the company’s initial public offering.
Business Context and Reporting Period
Acies Acquisition Corp. completed its IPO in October and November 2020 and issued 21,525,000 units. Each unit consisted of one Class A ordinary share and one-third of one redeemable warrant. Beginning December 11, 2020, holders could elect to separate and separately trade the shares and warrants.
Financial and Capital Markets Information
- IPO units issued: 21,525,000.
- IPO price: $10.00 per unit.
- Gross IPO proceeds: $215.25 million.
- Warrant terms: Each whole warrant entitles the holder to purchase one Class A ordinary share at $11.50 per share.
- Trading symbols: Units trade under ACACU; separated Class A ordinary shares trade under ACAC; separated warrants trade under ACACW, each on Nasdaq.
- The filing does not provide revenue, profit, cash flow, margins, debt, liquidity balances, or operating results.
Material Changes and Other Developments
Starting December 11, 2020, units could be separated into Class A ordinary shares and warrants. Units that were not separated would continue trading as ACACU. No fractional warrants would be issued, and only whole warrants would trade. Brokers must contact Continental Stock Transfer & Trust Company, the transfer agent, to process separations.
Guidance, Outlook, Risks, and Unusual Items
The filing provides no financial guidance, operating outlook, management forecast, or discussion of business risks beyond the mechanics of separate trading. The principal unusual item is the transition from bundled unit trading to separate trading of the underlying securities. The filing identifies Acies Acquisition Corp. as an emerging growth company.
Investor Verification Checklist
- Verify that the filing relates to Acies Acquisition Corp., despite the request identifying PLAYSTUDIOS, Inc.
- Confirm the December 11, 2020 start date for separate trading.
- Confirm the IPO size of 21,525,000 units and gross proceeds of $215.25 million.
- Review the warrant exercise price of $11.50 per share and the one-third-warrant structure per unit.
- Review the company’s subsequent filings for its acquisition strategy, trust-account balance, redemption terms, liquidity, and operating results, none of which are provided here.