Shares of World Chess PLC (LSE:CHSS) surged 14% following the announcement of a new strategic investor, which is buying shares in the group at a significant premium to the current market value.
The company has entered into a subscription agreement with Blitz Intelligence FZCO, a gaming technology consultancy, to issue 12 million new shares at 10 cents each. This price represents a 58.6% premium over the prior closing price, for a total investment of €1.2 million.
The funds will be delivered in three instalments, with the final payment due by January 15, 2025. This investment strengthens World Chess’s financial position and will support growth initiatives in the chess and technology sectors.
The stock was up 0.75p at 6p.