Super affiliate will issue around one million new shares to help pay the €18.3m portion of the earnout due to the founders of its Japanese-facing Casumba business due in 2024.
The number of shares will increase by 1,071,000 to 45,224,227, yielding around SEK9.5m (€834k/£687k) based on the volume-weighted share price from 1 June to 31 August 2024.
In February of this year, the company was finally able to establish that it would need to pay €46.5m for Casumba on top of the €2m it paid upfront in 2019, based on the uncapped earnout deal agreed with the founders.
Once the 2024 payment is cleared, the remainder of the approximate €28.2m due to the founders of Casumba is deferable in installments up to September 2026.
In May, the “net negative impact” of March and April’s Google core update on its prized asset forced Raketech to lower its FY24 estimates.
The Stockholm-listed business also cited the impaired year-on-year performance of its Casumba assets along with a “modest decline” for Swedish casino assets for the drop in EBITDA in the second quarter of 2024.