Why Engine Gaming and Media Inc. (GAME) stock went up in the after-hours on Tuesday?

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SONX Stock
SONX Stock

Engine Gaming and Media Inc. (GAME) shares soared 31.45% in after-hours on Tuesday, November 23, 2021, and closed the daily trading at $4.18. Even in the regular trading session, GAME’s stock gained 1.92%. GAME shares have fallen 44.21% over the last 12 months, and they have moved down 4.22% in the past week. Over the past three months, the stock has lost 52.40%, while over the past six months, it has declined 61.31%.

Let’s discuss its recent news and developments.


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GAME latest news

On November 23, 2021, Engine Gaming and Media, Inc. (GAME) announced results for its fourth quarter and fiscal year ended August 31, 2021.

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Q4 2021 financial results

  • GAME reported total revenue of $11.8 million in Q4 2021 compared to $7.0 million in Q4 2020.
  • It suffered a net loss of $13.5 million in Q4 2021 compared to $10.1 million in Q4 2020.

FY 2021 financial highlights

  • Total revenue was $37.2 million in FY 2021 compared to $10.5 million in FY 2020.
  • It reported a net loss of $40.7 million in FY 2021 compared to a net loss of $32.3 million in FY 2021.
  • As of August 31, 2021, the company had cash of $15.3 million and $8.6 million in receivables.

TSXV approved GAME Normal Course Issuer Bid

On October 27, 2021, Engine Gaming and Media, Inc. (GAME) announced that the TSX Venture Exchange has accepted the Company’s Notice of Intention to implement a normal course issuer bid (NCIB).

According to the NCIB, Engine Gaming can purchase up to 777,165 common shares, being approximately 5% of the outstanding common shares of the Company, during the current fiscal year.

ASTRO Gaming and Blue Microphones partnership with a GAME subsidiary

On October 15, 2021, UMG Gaming which is a wholly-owned subsidiary of Engine Media Holdings, Inc. (GAME) announced that it will work with Logitech’s ASTRO Gaming, Logitech Esports Services (including Beyond Entertainment) and Blue Microphones on a variety of production and social media collaborations and activations as the company renews its brand partnership with Gears Esports.

The partnership will be based on a series of activities throughout the 2021-2022 Gears Esports season, set to start in October 2021 and complete in the Summer of 2022. These activities will include a combination of live event production and social media campaigns around the Gears Esports Pro League.

Recent name change

On October 19, 2021, Engine Media Holdings, Inc. (GAME), changed its name to Engine Gaming and Media, Inc. on TSX Venture Exchange. The Company’s shares will continue to trade under the “GAME” symbol.

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Conclusion

The recent financial results do not look promising but GAME stock surged on Tuesday after-hours which is a bit strange. We may see it going down in the coming trading sessions on Wednesday.

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