Updated Mar 17, 2026 by PCF Group
PCF Group S.A. and Square Enix Limited formalized a long-term strategic partnership in August 2021, allowing the publisher to acquire equity in the developer based on commercial performance.
The agreement grants Square Enix the right to acquire up to 1,555,922 Series C shares, representing approximately 1.8% of PCF Group’s total share capital.
Warrants are issued in six tranches valued at 4.5 million PLN each, triggered every time PCF Group generates 45 million PLN in revenue from Square Enix projects like Outriders and Project Gemini.
The share price for the warrants is fixed at 50 PLN, matching the valuation established during PCF Group’s 2020 initial public offering.
Square Enix was immediately entitled to two tranches of warrants upon signing because PCF Group had already surpassed 90 million PLN in relevant revenue.
Square Enix may exercise its conversion rights starting after the fourth tranche is issued or from January 1, 2025, with a final deadline for all exercises set for the end of 2025.
PCF Group S.A. and Square Enix Limited formalized a long-term strategic partnership in August 2021, allowing the publisher to acquire equity in the developer based on commercial performance.
The agreement grants Square Enix the right to acquire up to 1,555,922 Series C shares, representing approximately 1.8% of PCF Group’s total share capital.
Warrants are issued in six tranches valued at 4.5 million PLN each, triggered every time PCF Group generates 45 million PLN in revenue from Square Enix projects like Outriders and Project Gemini.
The share price for the warrants is fixed at 50 PLN, matching the valuation established during PCF Group’s 2020 initial public offering.
Square Enix was immediately entitled to two tranches of warrants upon signing because PCF Group had already surpassed 90 million PLN in relevant revenue.
Square Enix may exercise its conversion rights starting after the fourth tranche is issued or from January 1, 2025, with a final deadline for all exercises set for the end of 2025.