DFNN board OK’s plan to raise up to P450M

LISTED gaming technology company DFNN, Inc. said its board has approved a plan to raise additional capital of up to P450 million through private placements.

This capital will be used to support the company’s expansion efforts in cybersecurity and artificial intelligence (AI), the company said in a regulatory filing last week.

The company’s board gave the green light on March 15.

DFNN aims to expand its business by venturing into cybersecurity and AI sectors, as well as by creating and acquiring new gaming platforms.

The company will also allocate a portion of the capital to pay taxes and fees associated with the issuance and listing of the new shares resulting from the private placements.

DFNN’s board also granted exclusive authority to Nautilus International Management Corp. to subscribe to and designate investors for the private placement.

“The board authorized the president and/or treasurer to accept the subscriptions and execute relevant subscription agreements thereto. The Board also delegated the authority to the management to set the price for the subscriptions,” DFNN said.

The company also set May 17 as the meeting date for its shareholders to ratify the private placements and approve their respective listing.

DFNN is an information technology provider and systems integrator.

The company said it has competencies in high volume and secure financial transactions, software or middleware development, IT support services, secure platform development, and turnkey implementations.

It also holds licenses for electronic gaming machines, a sports betting exchange, and digital and pari-mutuel games.

DFNN shares were last traded on March 15 at P3 apiece.