The Social Chain AG
- WKN: A1YC99
- ISIN: DE000A1YC996
- Land: Deutschland
Nachricht vom 30.07.2021 | 18:09
The Social Chain AG: Social Chain AG Annual General Meeting sets course for upgrade to Prime Standard
DGAP-News: The Social Chain AG
/ Key word(s): AGM/EGM
Social Chain AG Annual General Meeting sets course for upgrade to Prime Standard
Berlin, 30 July 2021. Today, the Annual General Meeting of Social Chain AG (WKN: A1YC99, ISIN DE000A1YC996) set the course for the company's upgrade to the Prime Standard of the Frankfurt Stock Exchange. The shareholders approved by a large majority the issuance of authorized capital of up to 50 percent of the current share capital. This corresponds to (together with an already existing authorized capital) of an issue of up to 5.74 million shares. The new authorized capital was created in connection with the listing of Social Chain AG on the Frankfurt Stock Exchange's Prime Standard, which is planned for this year. The resolution on the creation of the authorized capital also explicitly provides for a possible listing of Social Chain AG on a foreign stock exchange. This will give Social Chain AG the opportunity to pursue a listing on Nasdaq in a further step.
Wanja S. Oberhof, CEO of Social Chain AG: "We are planning to move to the Prime Standard of the Frankfurt Stock Exchange before the end of the year. This will also make Social Chain shares attractive to investors who generally only invest in stocks in the premium segment of the Frankfurt Stock Exchange. In combination with possible capital increases, we expect Social Chain shares to become even more attractive and liquid. The planned change to the Prime Standard is also a logical next step in view of the Social Chain AG's successful business development."
Oberhof reported a strong operational performance at the annual general meeting, which was held virtually due to Corona. In the core business of Social Commerce, revenue grew by around 80 percent in the first six months of 2021 compared to the first half of 2020. The Social Commerce verticals "Food" and "Home & Living" performed particularly well. Agency business in the area of social media also almost doubled. Only in the events segment was there a decrease in revenue as a result of Corona. Overall, there is a clear revenue shift towards Social Commerce, the core business of Social Chain AG. Social Chain AG will publish the figures for the first half of 2021 on 26 August 2021.
Based on the operational business performance in the first six months, Oberhof confirmed Social Chain AG's revenue target for the 2021 financial year, which had recently been raised to USD 420 million. EBITDA is still expected at USD 18 million.
At the time of the vote, 59 percent of the company's registered share capital was represented. In addition to the increased authorized capital and the discharge of the Supervisory Board and the Executive Board, the shareholders appointed RSM GmbH as auditors for the 2021 financial year. The voting results can be viewed in detail at www.socialchain.com (Investor Relations section).
The content of this press release is for information purposes only and does not constitute investment advice or other recommendations pursuant to the German Securities Trading Act by The Social Chain AG or its affiliated companies. The information provided cannot replace investment advice. The information contained in this press release is not to be construed as an assurance of possible price developments and should not be construed as a request to enter into a transaction. The information contained herein does not constitute an offer to sell or the solicitation of an offer to sell securities or rights, or a solicitation to trade in securities or rights. Accordingly, The Social Chain AG and its affiliates make no representations or commitments as to the accuracy, completeness or correctness of the information or opinions contained herein. We assume no liability for direct or indirect damages caused by and/or in connection with the distribution and/or use of this document. The statements correspond to the status at the time of the preparation of this document. They may become obsolete due to future developments without the document being changed.
Jana Walker | Press
|Company:||The Social Chain AG|
|Phone:||+49 (0)30 208484010|
|Listed:||Regulated Unofficial Market in Dusseldorf (Primärmarkt)|
|EQS News ID:||1223163|
|End of News||DGAP News Service|
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