By Kathryn Hardison
Snail Inc. has filed for an IPO.
Snail will become a holding company for game developer Snail Games USA Inc. as part of the IPO, the company said in a filing with the Securities and Exchange Commission on Friday.
In connection with the offering, shareholders of Snail Games USA will contribute their interest in Snail in exchange for a proportionate amount of Snail common stock. As a result, Snail will be a holding company for Snail Games USA and its subsidiaries.
Snail Games USA was founded in 2009 as part of Suzhou Snail Digital Technology Co. and became an independent entity that year.
The company has not disclosed the number of shares being offered or the proposed offering price.
Snail is expected to trade on the Nasdaq Capital Market under the ticker SNAL.
The company said that Snail Games USA and its subsidiaries reported revenue of $106.7 million for the year ended December 31 and revenue of $124.9 million for the year ended December 31 December 2020 ended.
Last year’s net income was $8.5 million compared to 2020 net income of $30.7 million.
Write to Kathryn Hardison at [email protected]
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