1. March 2024

Fossar Joint Bookrunner in a $29m private placement for Play

Fly Play hf. has secured share subscription commitments from current shareholders and new investors in the amount of ISK 4,000 million ($29m). The commitments are subject to the approval from the Company’s Annual General Meeting on 21 March 2024 to authorize an increase in the equity in the Company. In addition to the share increase described above, the Board of Directors of Play will propose to shareholders that the board will be granted authorization to initiate a public offering in the amount of the equivalent of EUR 8 million in Icelandic Krona with current shareholders having priority in case of oversubscriptions. The offering is exempted from the obligation to publish a prospectus, in accordance with the provisions of Article 3, paragraph 1 under the Act on Prospectus for Securities When Offered to the Public Offering or Admitted to Trading on a Regulated Market no. 14/2020.

This equity raise substantially strengthens the Play’s financial position and allows it to execute exciting growth opportunities and/or handle unexpected events.  We at Fossar congratulate Play and its employees on this important milestone.

Fossar Investment Bank hf. acted as joint bookrunners on the placing alongside Arctica Finance.