Gamer Pakistan Inc. (NASDAQ: GPAK) is on the verge of making history as it is set to be the inaugural AI-powered esports company to be publicly traded in the United States stock market, marking a significant milestone as the first Pakistani firm to be listed on the National Association of Securities Dealers Automated Quotations Stock Market (NASDAQ).
Last week, the company priced its first public offering, selling 1.7 million shares at $4 each to raise $6.8 million. Following the completion of this transaction, the company’s estimated value will be $102.4 million, with 25.6 million shares expected to be in circulation. Gamer Pakistan is led by CEO James Knopf, a 58-year-old entertainment sales executive with over 25 years of experience in managing large-scale content distribution relationships across various platforms, including TV, web, mobile, and over-the-top (OTT) services.
The inaugural NCAA College Esports Championship, hosted by Knopf and his company, Pinstripe Entertainment Consulting, took place in 2019 and was broadcast on ESPN3. Gamer Pakistan primarily operates through its 90% stake in K2 Gamer. However, K2 Gamer is currently not profitable. The company’s auditor, Mercurius & Associates LLP, has expressed serious concerns about the company’s ability to continue as a going concern due to the revenue shortfall. In response to this challenge, GPAK intends to organize a minimum of 12 events during the year 2023.
Initially, the company intends to focus on colleges and educational institutions, with plans for expansion into other markets and potential ventures into live sports, as outlined in GPAK’s prospectus. Pakistan’s mobile phone subscriptions have experienced exponential growth, reaching approximately 80% of the population in 2020, up from 0.2 percent in 2000.
In 2022, an estimated 36.8 million people in Pakistan played games, and this number is projected to increase to 50.9 million by 2026. The video game industry in Pakistan is expected to generate around $208.7 million in revenue in 2022, with a projected increase to $227.4 million by 2026.
- Misleading Video Alters Prime Minister Shehbaz’s Speech Targeting Political Rival, Not His Party - 21/04/2024
- ATC Grants Three-Day Remand for Suspects in Ichhra Bazaar Harassment Case - 19/03/2024
- Pakistan, India, and Bangladesh Lead World in Severe Smog Crisis, Exceeding WHO Guidelines - 19/03/2024
 is on the verge of making history as it is set to be the inaugural AI-powered esports company to be publicly traded in the United States stock market, marking a significant milestone as the first Pakistani firm to be listed on the National Association of Securities Dealers Automated Quotations Stock Market (NASDAQ).){kind=link}