SciPlay Corporation (SCPL) shares plunged 18.23% in after-hours on Wednesday, December 22, 2021, and closed the daily trading at $12.65. However, in the regular trading session, SCPL’s stock gained 1.05%. SCPL shares have risen 9.33% over the last 12 months, and they have moved up 3.27% in the past week. Over the past three months, the stock has lost 22.88%, while over the past six months, it has declined 15.69%.
Let’s have a brief discussion about its recent news and developments.
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SCPL rejected SGMS proposal
On December 22, 2021, A special committee of independent directors of SciPlay Corporation (SCPL) announced that discussions between the Special Committee and Scientific Games Corporation (SGMS) regarding Scientific Games’ proposal to acquire the outstanding publicly traded shares of SciPlay have terminated.
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Scientific Games proposed in July 2021, to acquire the 19% equity interest in SciPlay it does not currently own at 0.250 shares of Scientific Games for each share of SciPlay. After a careful review of the proposal and analysis of SciPlay’s anticipated financial performance and growth prospects, the SGMS proposal was rejected.
SCPL latest financial results
On November 9, 2021, SciPlay Corporation (SCPL) reported results for the third quarter that ended September 30, 2021.
Q3 2021 financial highlights
- SCPL reported total revenue of $146.6 million in Q3 2021 compared to $151.2 million in Q3 2020.
- The total cost of revenue was $46.2 million in Q3 2021 compared to $48.0 million in Q3 2020.
- It earned a net income of $37.0 million in Q3 2021 compared to $35.1 million in the prior-year period.
- Adjusted EBITDA was $44.7 million in Q3 2021 compared to $49.3 million in the prior-year period.
- The company ended the quarter with cash and cash equivalents of $61.9 million compared to $330.8 million at the end of the fourth quarter of 2020.
Conclusion
SciPlay Corporation and Scientific Games Corporation was unable to reach an agreement which was the reason behind its nosedive in the after-hours on Wednesday. it can further decline in the coming trading sessions.
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About the company
SciPlay Corporation is a leading developer and publisher of digital games on mobile and web platforms. SciPlay currently offers seven core games, including social casino games Jackpot Party® Casino, Gold Fish® Casino, Hot Shot Casino® and Quick Hit® Slots, and casual games MONOPOLY Slots, Bingo Showdown, and 88 Fortunes® Slots.