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.
READ MORE: Record half-year profits for NatWest after it dips into rainy day fund as economic outlook improves
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.
Don't miss a thing - sign up for your free North West newsletter - and follow us on LinkedIn
Email newsletters
BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.
You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
For all the latest stories, views, polls and more - and the news as it breaks - .
"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.
