By Kathryn Hardison
Snail Inc. has filed for an initial public offering.
Snail will become a holding company for gaming developer Snail Games USA Inc. as part of the IPO, the company said in a Friday filing with the Securities and Exchange Commission.
In connection with the offering, the stockholders of Snail Games USA will contribute their interests to Snail in exchange for a proportional 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 a unit of Suzhou Snail Digital Technology Co. and became an independent entity this year.
The company didn’t disclose how many shares it plans to offer or the planned offering price.
Snail expects to trade on Nasdaq Capital Market under the ticker SNAL.
The company said that Snail Games USA and its subsidiaries had revenue of $106.7 million for the year that ended Dec. 31, and revenue of $124.9 million for the year that ended Dec. 31, 2020.
Last year’s net income was $8.5 million, compared with net income of $30.7 million during 2020.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
(END) Dow Jones Newswires
September 16, 2022 18:33 ET (22:33 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Read More: Snail Inc. Files for IPO