Business
Update on investment in Low6
Update on investment in Low6.
About this update from Mindflair Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8438U\n Pires Investments PLC\n 08 April 2021\n \n \n \n \n 8 April 2021\n \n \n \n \n \n Pires Investments plc \n \n \n \n \n \n (\"Pires\" or the \"Company\")\n \n \n \n \n \n Update on investment in Low6\n \n \n \n \n \n Pires Investments plc (AIM: PIRI), the investment company focused on next generation technology, is pleased to announce an update on its investment in Low6 Limited (\"Low6\"), the company that has developed a next-generation sports betting platform, following a shareholder update received by Pires.\n \n \n \n \n \n Further to the announcement on 15 February 2021, Low6 \n extended its pre-IPO funding round to allow a well-respected figure in the worldwide gaming industry to invest in Low6 and join its advisory board post-IPO, which was completed as expected.\n \n \n \n \n \n As Low6 continues to experience significant user growth, the company is looking to appoint a new Chief Technology Officer that can scale the business and execute its 3-year technology roadmap. \n \n \n \n \n \n Low6 stated in the shareholder update that it now has over 122,000 users; 85% of which are Gen Z and Millennials - a target demographic of many gaming companies worldwide. \n \n \n \n \n \n Its PubWars apps went into soft launch on the 1 April 2021. The soft launch is a 4 week period where user numbers are limited, feedback is collated, and changes made to game play. In the first 7 days of soft launch over 2,000 entries were made, and c. £2,000 wagered.\n \n \n \n \n \n Low6's Uber Eats Weekly 7 game has also gone live and, since the previous shareholder update, Low6 has signed a number of new partners, including Hull City FC, IFL TV, WTF1. Discussions are on-going with other potential US partners. \n \n \n \n \n \n Low6's plans to IPO remain on track, with a listing expected in Q2 2021. Further information on Low6 can be found at \n \n https://low6.com/\n \n .\n \n \n \n \n \n On 26 February 2021, Pires announced that it had invested a further £35,000 in Low6 as part of the extension of Low6's pre-IPO funding round, which closed in Q4 2020 and in which Low6 raised A$6m (£3.3m) in convertible notes. To this date, Pires has invested a total consideration of £235,010 in Low6 by way of c...