Why Engine Media Holdings Inc (GAME) stock went down in the after-hours on Friday?

ALGN Stock
ALGN Stock

Engine Media Holdings Inc. (GAME) shares plummeted 8.1% in after-hours on Friday, October 8, 2021, and closed the weekly trading at $4.20. However, in the regular trading sessions, GAME’s stock gained 5.06%. GAME shares have fallen 34.62% over the last 12 months, and they have moved up 12.01% in the past week. Over the past three months, the stock has lost 53.70%, while over the past six months, it has declined 54.41%.

Let’s have a brief discussion about its recent news.

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GAME looking for Alternatives for its subsidiary

On October 5, 2021, Engine Media Holdings, Inc (GAME) commenced a process to explore strategic alternatives for the Company’s Eden Games subsidiary. According to the company, the current trading price of its common shares does not reflect the Company’s value, and in particular, the value of its Eden Games business.

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GAME looking to buy outstanding shares

On October 4, 2021, Engine Media Holdings, Inc (GAME) announced its intentions to file a Notice of Intention to Make a Normal Course Issuer Bid with the TSX Venture Exchange, which will allow the Company to purchase outstanding Company common shares. The implementation of the NCIB remains subject to the approval of the TSXV.

GAME update about Allinsports acquisition

On October 1, 2021, Engine Media Holdings, Inc (GAME) provided an update to the Company’s press release of November 20, 2020, about the arbitration in Ontario commenced by the shareholders of Allinsports seeking, among other things, a ruling that the Company’s pending acquisition of Allinsports had been completed and that the selling shareholders were entitled to receive the outstanding payment of 966,667 Company common shares due under the acquisition agreement. The arbitrator has determined that the transaction was completed and that the Allinsports shareholders are entitled to receive the outstanding share consideration under the acquisition agreement.

GAME update about ATM offering

On October 1, 2021, Engine Media Holdings, Inc (GAME) said that it has not issued any shares under its previously announced at-the-market equity offering program (ATM). The company said that it has no intention to employ the ATM Offering under the market conditions the Company’s stock currently faces.

Partnership with Atlanta Radio Station

On September 21, 2021, WinView Games which is a wholly-owned subsidiary of Engine Media Holdings, Inc (GAME), signed a partnership with Atlanta’s preeminent sports radio station, 680 The Fan. The partnership will elevate listener engagement with live games of skill that test the audience’s sports IQ for cash or fun by introducing WinView contests and promotions that are synchronized to 680 The Fan’s broadcast and website.

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Well, there is no recent news that could justify its after-hours loss on Friday. We can expect it to do recovery on Monday.


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