PLAYSTUDIOS, Inc. current report, 27 October 2020

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Business Context and Reporting Period

This Form 8-K was filed by Acies Acquisition Corp., not PLAYSTUDIOS, Inc. The report date is November 2, 2020, covering events occurring on October 27, 2020. It reports the closing of Acies Acquisition Corp.’s initial public offering and related private placement.

Key Financial and Capital Markets Metrics

  • IPO: 20,000,000 units sold at $10.00 per unit, generating $200.0 million of gross proceeds.
  • Unit composition: Each unit included one Class A ordinary share and one-third of a redeemable warrant.
  • Public warrants: Each whole warrant is exercisable for one Class A ordinary share at $11.50 per share.
  • Private placement: 4,333,333 warrants sold to the sponsor at $1.50 per warrant, generating $6.5 million of gross proceeds.
  • Trust account: $200.0 million was deposited with Continental Stock Transfer & Trust Company. The filing states this consisted of $196.0 million of net IPO proceeds, including $7.0 million of deferred underwriting commissions, plus $4.0 million from the private warrant sale.
  • Liquidity and profitability: The filing does not provide revenue, operating profit, net income, cash flow, margins, debt, or other operating performance metrics.

Material Changes, Outlook, and Risks

  • The company granted IPO underwriters a 45-day option to purchase up to 3,000,000 additional units to cover potential over-allotments.
  • The filing reports the formation of the trust account and issuance of public and private warrants; it does not disclose a business combination, acquisition target, operating guidance, or management outlook.
  • No specific contingencies, unusual expenses, or material risks are discussed beyond the offering structure and deferred underwriting commissions.
  • An audited balance sheet as of October 27, 2020 was filed as Exhibit 99.1.

Investor Verification Items

  • Verify that the filing belongs to Acies Acquisition Corp. rather than PLAYSTUDIOS, Inc.
  • Review the audited October 27, 2020 balance sheet for the precise cash, liabilities, offering costs, and trust-account presentation.
  • Confirm the terms and potential dilution from the 20.0 million public units, 4.333 million private placement warrants, and up to 3.0 million over-allotment units.
  • Review the deferred underwriting commission arrangement and the conditions governing use of the trust-account funds.