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Stockholm, Sweden – 25 June 2025 – Gaming Corps, a publicly listed game studio based in Sweden, has entered into a strategic collaboration agreement with global iGaming group and major shareholder, Denwena Limited. The partnership, pending approval by Gaming Corps’ shareholders, is designed to drive significant growth through the joint production, marketing, and distribution of games.
Under the terms of the agreement, Denwena Limited will leverage its extensive network of operators, providers, streamers, and influencers to promote Gaming Corps as a leading game studio and amplify the reach of games produced through the collaboration. The agreement is structured around a series of ambitious revenue milestones: as each milestone is achieved, Denwena will be compensated via a warrant program, entitling them to subscribe for new shares in Gaming Corps at a predetermined price of SEK 1.34 per share. If all eight milestones are reached, Denwena could receive up to 208,640,208 warrants, with a maximum potential dilution of 58.9% in Gaming Corps shares.
The collaboration is subject to approval at an extraordinary general meeting of Gaming Corps’ shareholders, as the total value of the agreement—approximately SEK 280 million—triggers the application of AMN 2025:19 rules on related party transactions. Notably, Denwena’s shares and votes will not be considered in the resolution. There is no agreement among Denwena’s owners regarding coordinated voting rights in Gaming Corps, and any new shares subscribed by Denwena will be transferred to its owners to avoid mandatory bids.
In addition to the collaboration, Gaming Corps and Denwena have entered into a loan agreement, providing Gaming Corps with a €2 million credit facility maturing on 20 June 2028 at an annual interest rate of 6%. This financial support is intended to help Gaming Corps scale its organization to meet the demands of the partnership.
Juha Kauppinen, CEO of Gaming Corps, commented:
“The collaboration with Denwena Limited has had a flying start, and when they first chose to double their RGS agreement with us and then also enter heavily as an owner in connection with our directed share issue in the autumn of 2024, it was an important step for our company journey. To now be able to tell you about the continued path we have set out for Gaming Corps together with them feels incredibly exciting. Our common ambition is to build Gaming Corps into one of the great dragons among the world’s game studios in the coming years. Thanks to the step-by-step model with milestones that the collaboration is based on, the risks for us as a company are small, while the opportunities for both the Company and us shareholders are extremely exciting,”
Bülent Balikci, Chairman of the Board of Gaming Corps, added:
“We are very pleased with the design of this agreement. In the event of a successful exchange, there is indeed a large dilution effect on our share, but at the same time it is fully conditional on extreme revenue growth levels for Gaming Corps, levels that most likely create value for our shareholders at completely different levels than the dilution effect,”
Kauppinen further clarified:
“This, in turn, means that if sales do not increase according to our set milestones and joint ambition, there will be no dilution of the share. In addition, Denwena is committed to supporting us with the financing needs that may arise when we gear up the organisation in such a comprehensive way through a loan agreement. Thus, the structure of the agreement creates double built-in protections for our existing investors.
Here I would also like to clarify that it is only the turnover directly derived from the collaboration with Denwena Limited that is included in these calculations of milestones, while our other operations continue according to the previously communicated strategy and plan.”
Juha Kauppinen, CEO of Gaming Corps, concludes:
“Although we have had a very good revenue development in Gaming Corps in recent years, the figures discussed in this collaboration are at very high levels. If we were to achieve only a couple of these milestones, we are likely to be more than profitable, which would be a fantastic development for Gaming Corps and the shareholders.
In parallel, we will of course also continue to build the Company according to our previous communication, where our strong distribution network and our innovative, unique game engines have given us a solid foundation for increased shareholder value in the long-term work towards profitability, concludes.”
