Updated Mar 23, 2026 by PCF Group
PCF Group S.A. entered an investment agreement with Square Enix Limited on 29 August 2021, establishing a mechanism for issuing up to 1,555,922 subscription warrants convertible into Series C ordinary shares.
Warrant issuance is tied to revenue milestones from contracts with Square Enix, with each tranche triggered by cumulative revenue increments of 45 million PLN.
As of the report date, PCF had already exceeded 90 million PLN in contract revenue, triggering an immediate obligation to offer two warrant tranches.
The potential conversion of all 1,555,922 warrants represents a modest dilution of approximately 1.8% of PCF’s total share capital.
Square Enix may exercise conversion rights starting after the fourth tranche, with all rights subject to a final expiry date of 31 December 2025.
The agreement includes provisions for accelerated conversion in the event of a change of control or delisting, as well as an opt-out clause allowing Square Enix to exchange conversion rights for compensation.
PCF Group S.A. entered an investment agreement with Square Enix Limited on 29 August 2021, establishing a mechanism for issuing up to 1,555,922 subscription warrants convertible into Series C ordinary shares.
Warrant issuance is tied to revenue milestones from contracts with Square Enix, with each tranche triggered by cumulative revenue increments of 45 million PLN.
As of the report date, PCF had already exceeded 90 million PLN in contract revenue, triggering an immediate obligation to offer two warrant tranches.
The potential conversion of all 1,555,922 warrants represents a modest dilution of approximately 1.8% of PCF’s total share capital.
Square Enix may exercise conversion rights starting after the fourth tranche, with all rights subject to a final expiry date of 31 December 2025.
The agreement includes provisions for accelerated conversion in the event of a change of control or delisting, as well as an opt-out clause allowing Square Enix to exchange conversion rights for compensation.