Alternative Investment Market (AIM)-listed investor Pires subscribed for 6,667 ordinary shares in Low6, a gaming industry provider, for an overall consideration of £200,010 in December. This investment was followed by Low6’s announcement in February that it plans to commence an initial public offering (IPO) in the second quarter of this year, after raising funds from Pires. Low6 extended its pre-IPO funding round to allow for an investment from a respected figure in the gaming industry, who will also join its advisory board after the IPO. Pires further invested £35,000 during the extended round, bringing its total investment in Low6 to £235,010.
During the pre-IPO round, Low6 successfully raised £3.3m in convertible notes. The provider has also recently made additional developments, including the soft launch of its PubWars apps on 1 April, which attracted approximately £2,000 in wagers within the first seven days. Furthermore, the Uber Eats Weekly 7 game has been launched. With a user base of over 122,000, Low6 is now looking to hire a new Chief Technology Officer (CTO) to scale the business and execute its three-year technology roadmap.
Pires Chairman, Peter Redmond, expressed satisfaction with Low6’s progress since their most recent investment in February. He highlighted the launch of the Uber Eats Weekly 7 game and the PubWars app, as well as the signing of new partnerships within the sports industry. Discussions are currently underway with potential US partners. The IPO of Low6 remains on track for Q2 2021, and further updates on the company’s progress will be provided in due course.
