SNAL News & Events

Snail Inc trading halted, news pending

Snai announced that it will effect a 1-for-5 reverse stock split. The reverse stock split will become effective at 11:59 p.m. Eastern Time on July 2. The reverse stock split is intended to support the company's effort to regain compliance with the minimum bid price requirement for maintaining the listing of its Class A common stock on Nasdaq, and to make the bid price more attractive to a broader group of institutional and retail investors. The Nasdaq requires, among other things, that a listed company's common stock maintain a minimum bid price of at least $1.00 per share.

Snail highlighted the progress made through its existing partnerships with three Polish development teams. Through collaborations with Above The Desk, creators of Above the Snow; Donkey Crew, the team behind Bellwright; and Frozen Way Games, who are currently developing Honeycomb: The World Beyond, Snail Games continues to expand its content pipeline, deepen its international development network, and demonstrate the value of working with high-potential studios in Poland. "At Snail Games we've been eager to support emerging game dev markets and have seen tremendous creative talent and ideas coming from Poland," said Hai Shi, CEO of Snail Games. "Our partnership and work with these three studios reflect the value of our international network. Each offers wildly different visions of gaming, spanning across different genres in the industry. From an alpine resort sim game, to a medieval survival, to an exploration adventure about crossbreeding alien life forms, we want to ensure that Snail is ahead of the curve in supporting a wide range of global talent."