Social Chain's shareholders have approved moves to upgrade to the Prime Standard of the Frankfurt Stock Exchange and pursue a listing on Nasdaq in the future.
The shareholders backed, by a large majority, the issuance of authorised capital of up to 50% of the current share capital in the company.
This corresponds to, together with an already existing authorised capital, of an issue of up to 5.74 million shares.
The new authorised 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.
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The resolution on the creation of the authorised 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, the CEO of Social Chain which was founded in Manchester but is now headquartered in Germany, said: "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."
Based on the operational business performance in the first six months, Mr Oberhof confirmed Social Chain AG's revenue target for the 2021 financial year, which had recently been raised to $420m. EBITDA is still expected at $18m.
