Funding Reports | Game Industry Library

Funding

Current Report No. 29/2024: Conclusion of Strategic Options Review

People Can Fly Group has officially concluded its strategic options review process, initiated in August 2024, without securing the necessary capital to sustain its current operational trajectory. The company failed to obtain approximately 350 million PLN in external financing, a sum deemed essential for maintaining the existing scale of its self-publishing game development projects. Consequently, the organization is unable to execute its previously established corporate strategy in its current form. To address the resulting financial constraints and ensure liquidity, the management board is shifting its focus toward stabilizing cash flows. The primary objective is to align capital expenditures within the self-publishing segment with the revenue generated from the company’s work-for-hire production services. By balancing these two business segments, the firm aims to achieve a sustainable financial equilibrium. This strategic pivot marks a significant contraction in the company's growth ambitions, moving away from aggressive self-funded expansion toward a more conservative, revenue-dependent model. The company has committed to providing further updates as it implements specific measures to restructure its operations and restore financial stability. Future disclosures will detail the concrete steps taken to align the group’s cost structure with its incoming cash flows from external development contracts.

mergers-acquisitions investment funding+1

PCF Group

Report

Raport Bieżący Nr 25/2025: Podjęcie Uchwały w Sprawie Emisji Akcji w Ramach Docelowego Podwyższenia Kapitału Zakładowego

PCF Group S.A. has formally announced the adoption of a resolution regarding the issuance of 6,670,000 ordinary bearer shares of Series H. This action is being executed as part of a targeted increase in the company’s share capital. The decision was finalized by the company’s management board on August 12, 2025, in accordance with regulatory requirements concerning market abuse and public offering procedures. The scope of this announcement is strictly limited to providing information regarding the share issuance and does not constitute a public offer, advertisement, or promotional material for the new shares. The issuance is intended exclusively for qualified investors within the European Economic Area and specific professional categories in the United Kingdom. The company has explicitly stated that no prospectus is required for this transaction under current European regulations, as the offering is structured to qualify for exemptions from standard prospectus requirements. Geographically, the distribution of this information is subject to significant legal restrictions. The announcement is not intended for publication, distribution, or transmission in the United States, Australia, Canada, Japan, South Africa, or any other jurisdiction where such actions would be unlawful. The new shares have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold within the United States absent registration or an applicable exemption. The company and its designated manager disclaim all liability regarding the accuracy or completeness of the information provided, emphasizing that potential investors must conduct their own independent analysis before making any investment decisions.

investment funding europe

PCF Group

Report

Raport bieżący nr 27/2025: Zawarcie umów objęcia nowych akcji serii H

PCF Group S.A. has formally announced the successful execution of agreements with investors regarding the subscription of 6,670,000 new series H ordinary bearer shares. This issuance follows a series of previous corporate communications issued in August 2025. The company confirms that the required monetary contributions for the full coverage of these newly issued shares have been received in their entirety. The primary purpose of this disclosure is to fulfill regulatory obligations under the Market Abuse Regulation and Polish public offering laws. The issuance is restricted to qualified investors within the European Economic Area and specific categories of professional investors in the United Kingdom. The company explicitly states that this information does not constitute a public offering, advertisement, or promotional material for the new shares in any jurisdiction. The scope of this transaction is limited to non-U.S. jurisdictions, adhering to Regulation S under the U.S. Securities Act of 1933. The shares have not been registered with the U.S. Securities and Exchange Commission or any other international regulatory body, and the company does not intend to register them. Consequently, the distribution of this information is strictly prohibited in the United States, Australia, Canada, Japan, South Africa, and any other region where such distribution would be unlawful. The company emphasizes that no prospectus is required for this issuance, and investors are expected to conduct their own independent analysis before making any investment decisions.

investment funding europe

PCF Group

Report

Raport Bieżący Nr 27/2024: Zwiększenie Kwoty Niezabezpieczonej Gwarancji

PCF Group S.A. has formally increased the financial guarantee provided to the Bank of Montreal to support the operations of its Canadian subsidiary, People Can Fly Canada Inc. This adjustment, finalized on November 15, 2024, raises the unsecured guarantee from 9.2 million Canadian dollars to 13.154 million Canadian dollars. The action serves to align the company’s credit support with an expanded revolving credit facility intended to pre-finance future tax credits within the Canadian market. The underlying credit facility, which functions as a demand revolving facility, has been increased from 8 million to 11.954 million Canadian dollars. This expansion necessitates a corresponding adjustment to the collateral structure previously established in May 2023. Consequently, the first-ranking hypothec over the movable property of People Can Fly Canada Inc. has been raised from 11.04 million to 15.7848 million Canadian dollars. These modifications ensure that the security interests held by the bank remain commensurate with the increased credit exposure. The scope of these financial adjustments is limited to the Canadian operations of the PCF Group and the specific credit arrangements with the Bank of Montreal. All other material terms and conditions governing the original financing agreement remain unchanged, maintaining the existing framework for the company’s debt obligations and security protocols. This strategic increase in liquidity support reflects the company's ongoing efforts to manage cash flow effectively through the utilization of regional tax incentive programs.

investment funding europe+1

PCF Group

Report

Aktualizacja ram czasowych realizacji Strategii

People Can Fly Group has updated its long-term strategic framework, maintaining core objectives while adjusting project timelines and financial targets for the 2024–2028 period. The company now plans to release its self-published project, Bison, in 2025, followed by early access launches for projects Bifrost and Victoria in 2026. To support these operations, the company aims to maintain a workforce of approximately 370 full-time equivalents for its work-for-hire segment through 2028. The updated financial strategy targets at least 3.3 billion PLN in total revenue between 2024 and 2028, with a projected growth trajectory that scales from 5% of this total in 2025 to 33% by 2028. Management has suspended dividend recommendations until at least the 2026 fiscal year, contingent upon achieving positive financial results from self-publishing activities. Furthermore, the development of a previously proposed incentive program tied to 1.5 billion PLN in cumulative EBITDA has been paused pending the outcome of an ongoing strategic review. Execution of these goals is strictly dependent on securing approximately 350 million PLN in new financing during 2025 and 2026. Should this funding not materialize, or if specific work-for-hire project conditions remain unmet, the company is evaluating alternative scenarios, including the potential transition of the Bifrost or Victoria projects into the work-for-hire model. These updates reflect a recalibration of the company’s operational roadmap as it navigates capital requirements and project development milestones.

investment funding europe

PCF Group

Report

Raport bieżący nr 17/2023Rozpoczęcie procesu budowania księgi popytu w ramach oferty w trybie subskrypcji prywatnej emitowanych przez PCF Group S.A. nowych akcji zwykłych na okaziciela Serii F oraz zawarcie umowy na potrzeby przeprowadzenia oferty oraz umowy o ograniczeniu zbywania akcji Spółki

The document announces the initiation of a private subscription process for up to 5,853,941 Series F ordinary shares issued by PCF Group S.A. The offer is governed by the company’s 28 February 2023 Extraordinary General Meeting resolution and a subsequent board resolution dated 29 May 2023, which establish the terms of subscription, the engagement of Trigon Dom Maklerski S.A. and Trigon Investment Banking for execution, and the signing of a lock‑up agreement with key shareholder Sebastian Wojciechowski. The subscription will be limited to qualified investors, including those holding at least 0.25 % of voting rights as of the preference day or investors with a minimum €100,000 in eligible securities. The Series F shares are intended for offshore transactions only and will not be offered or sold within the United States, Australia, Canada, Japan, South Africa, or other jurisdictions where such distribution would violate securities law. The company plans to seek listing of the Series F shares on the Warsaw Stock Exchange under a prospectus exemption for up to 20 % of existing shares, contingent on regulatory approval. The report clarifies that no prospectus will be prepared and the offer is not a public offering outside Poland. The document includes extensive legal disclosures, risk warnings, and restrictions on distribution, emphasizing that it serves purely informational purposes for qualified investors.

investment funding ipo+1

PCF Group

Report

Current Report No. 15/2021: Investment Agreement and Share Acquisition

PCF Group S.A. completed a strategic acquisition of Game On Creative, Inc., a Montreal‑based animation and audio studio that supplies high‑end cinematics for major gaming titles, including the recent Outriders release. The transaction, finalized on 27 April 2021, involved a trust and its beneficiary Samuel Girardin. PCF paid PLN 29 369 385,59 for 100 % of Game On’s equity, with a potential earn‑out of 5 % of EBITDA for the fiscal years 2021‑2025 if predefined thresholds are surpassed. To secure the purchase price, PCF agreed to issue 387 714 Series D ordinary bearer shares—approximately 1.29 % of its capital—at PLN 75,75 each in a private placement exclusively offered to the seller. The Series D shares are subject to a lock‑up covering 85 % of the issue, with staggered release dates through April 2023 and December 2024. A conditional call option from Sebastian Wojciechowski allows the seller to reacquire shares at the issue price if the capital increase is not registered on time, with a 30 % pre‑payment provision before lock‑up expiry. The agreement includes standard representations, warranties, and a pledge covering roughly 30 % of the Series D shares to secure potential claims. Non‑competition clauses bind both seller and beneficiary, while Samuel Girardin will assume leadership roles within People Can Fly Canada, Inc., reinforcing PCF’s AAA development capabilities. The deal aligns with PCF’s strategy to enhance animation and audio production for simultaneous multi‑project development.

mergers-acquisitions investment funding+1

PCF Group

Report

Raport Bieżący Nr 21/2023: Zawarcie Umów Objęcia Akcji Serii F PCF Group S.A.

The report discloses that PCF Group S.A., headquartered in Warsaw, entered into subscription agreements for 3 343 037 ordinary shares of Series F on behalf of investors, including a principal allocation of 3 342 937 shares to Krafton, Inc. All required cash contributions were fully paid. The disclosure is framed under Article 17(1) of the EU Regulation on Market Abuse and complies with Polish public‑offering regulations, emphasizing that it serves only an informational purpose and does not constitute a sale offer or promotional material. The document reiterates that the Series F shares are not registered under U.S. securities law and cannot be offered or sold in the United States, Australia, Canada, Japan, South Africa, or other jurisdictions where such distribution would violate local regulations. It clarifies that the offering is limited to qualified investors within the European Economic Area and the United Kingdom, excluding retail participants. The report also outlines that no prospectus is required under the EU Prospectus Regulation and that distribution is restricted to “qualified persons” as defined by relevant regulations. Legal liability for the information rests solely with PCF Group; managers and affiliated parties are expressly exempt from responsibility. The document contains forward‑looking statements subject to risks and uncertainties, advising readers not to rely solely on them for investment decisions. No recommendation or invitation to purchase the shares is made, and the information is restricted from further dissemination outside authorized recipients.

investment funding europe

PCF Group

Report

Current Report No. 11/2023: Disclosure of Delayed Inside Information

The report discloses that PCF Group S.A.’s board initiated negotiations on 19 March 2023 with Krafton, Inc. or its affiliated entity to acquire shares in a capital increase approved by an extraordinary general meeting on 28 February 2023. The proposed investment would grant Krafton a 10 % stake in the post‑issuance capital, and may include future collaboration on specific games. The board delayed public disclosure until 28 March to avoid adverse impacts on negotiation dynamics and potential market misinterpretation, citing MAR Regulation Article 17(4) and EU‑FCA guidance. The disclosure explains that the negotiations do not guarantee a completed transaction, and outlines risk factors such as uncertainty of deal completion and market reaction. The document is restricted to qualified investors within the EU‑EAA, UK, and certain US entities under Regulation S or Rule 144A; it contains no prospectus and is not a public offer. Methodologically, the report relies on internal board decisions and regulatory compliance checks; no external survey or statistical data are presented. The scope is limited to Poland, with implications for capital structure and potential strategic partnership in the gaming sector. The report concludes that any investment decisions must be based on independent research, as the information is not a recommendation or solicitation.

mergers-acquisitions investment funding+1

PCF Group

Report

Current Report No. 6/2023: Issuance of Shares as Part of Target Capital Increase

The report announces that on 10 February 2023 the board of PCF Group S.A., headquartered in Warsaw, approved a capital‑increase resolution. The increase will be executed through the issuance of new ordinary bearer shares, Series E, which will not grant existing shareholders a pre‑emptive right to purchase all new shares. The resolution also seeks approval for listing the new shares on the regulated market of the Warsaw Stock Exchange, dematerialisation of the shares, and a statutory amendment to incorporate the new share class. The decision follows earlier communication in report No. 2/2023, where the board disclosed plans to deepen PCF Group’s equity stake in its subsidiary Incuvo S.A., based in Katowice. The new capital injection is intended to support this strategic investment and enhance the group’s financial position. Key points include: a targeted capital increase via Series E ordinary shares; denial of pre‑emptive rights to current shareholders; application for market listing and dematerialisation; statutory changes to the company’s articles. The resolution is governed by Polish financial regulation, specifically § 5(9) and § 14(1‑2) of the Minister of Finance regulation dated 29 March 2018. The report is a routine disclosure under the Polish regulatory framework, providing shareholders and market participants with timely information on significant corporate actions.

investment funding ipo+1

PCF Group

Report

Zakończenie subskrypcji akcji serii D

The report announces the completion of a private subscription offering 387,714 ordinary shares of Series D by PCF Group S.A., a Warsaw‑based company. The subscription was directed solely to Fiducie Familiale Samuel Girardin 2020, a trust established in Montreal for Samuel Girardin and related parties. The transaction was authorized by the company’s Extraordinary General Meeting on 24 May 2021 and finalized with a subscription agreement dated 31 May 2021. Each Series D share carried a nominal value of PLN 0.02 and was issued at an emission price of PLN 75.75, resulting in a total subscription value of PLN 29,369,335.50. The offering was conducted as a private placement under Polish company law (art. 431 §2(1) of the 2000 Companies Act), with no public solicitation or multiple tranches. Consequently, there were no subscription records, no allocation reductions, and the sole investor received all shares. The shares were paid for in cash; no sub‑emission arrangements or additional costs were disclosed at the time of reporting. Detailed cost breakdowns and average per‑share expenses are pending final invoicing and will be disclosed in a separate subsequent report. The transaction represents a capital increase for PCF Group, with the Series D shares intended to be listed on the Warsaw Stock Exchange and dematerialised in a securities depository, pending regulatory approval.

investment funding ipo+1

PCF Group

Report

Current Report No. 23/2023: Investment Agreement Supplement Between Krafton, Inc. and PCF Group S.A.

The report announces that on 14 June 2023, Krafton, Inc. and PCF Group S.A., together with key shareholder Sebastian Wojciechowski, entered into a side‑letter to the investment agreement dated 28 March 2023. The side‑letter stipulates that if PCF Group increases its share capital by issuing up to 2 510 904 new shares before 31 December 2023, Krafton will have the right of first refusal to subscribe for shares that would bring its total holdings to 10 % of the capital and voting rights. The subscription price is fixed at PLN 40.20 per share, independent of the price set for other investors. The agreement does not obligate Krafton to purchase any shares, and the allocation of new shares to other investors remains unaffected. The document is a regulatory disclosure under EU Regulation 596/2014 and Polish securities law, intended solely for informational purposes. It contains extensive legal caveats restricting distribution outside the European Economic Area and prohibiting any promotional use of the information. The report clarifies that it is not an offer, does not constitute a prospectus, and is limited to qualified investors in the EU, UK, or U.S. under Rule 144A. No financial projections or performance guarantees are provided; the report includes forward‑looking statements subject to risk and uncertainty. The disclosure emphasizes that no manager or affiliated party assumes liability for the accuracy of the information, and any investment decisions must rely on independently verified data.

mergers-acquisitions investment funding+2

PCF Group

Report

Raport bieżący nr 38/2023Zawarcie umowy plasowania akcji, rozpoczęcie procesu budowania księgi popytu w ramach oferty publicznej w trybie subskrypcji prywatnej emitowanych przez PCF Group S.A. nowych akcji zwykłych na okaziciela serii G oraz zawarcie umowy przystąpienia do umowy o ograniczeniu zbywa

The document announces that PCF Group S.A., headquartered in Warsaw, entered into a placement agreement on 9 August 2023 with Trigon Dom Maklerski S.A. and WOOD & Company Financial Services, a Polish branch of a Czech firm, to conduct a private subscription offering of up to 2 510 904 new ordinary shares (Series G). The offer is governed by the company’s extraordinary shareholders’ meeting resolution dated 7 August 2023 and a board resolution of the same day, which set subscription terms, pricing, and the process for building an order book. The new shares will be offered exclusively to qualified investors—either EU‑qualified or those holding at least €100 000 in securities, including existing shareholders with a minimum 0.25 % voting stake—under Regulation S or similar exemptions, and will be sold only outside the United States. The company intends to seek listing of the new shares on the Warsaw Stock Exchange under a prospectus exemption that allows up to 20 % of the company’s shares to be listed within a year, provided regulatory conditions are met. The placement agreement includes standard clauses on manager duties, indemnification, and termination rights, and the company has also signed a lock‑up agreement with key shareholder Sebastian Wojciechowski and Trigon DM. The report clarifies that no prospectus is required, the offering is not a public sale in the U.S., and distribution of the report is restricted to qualified investors within the EU, UK, and other jurisdictions where such disclosure is permitted.

investment funding ipo+1

PCF Group

Report

Current Report No. 40/2023: Execution of Agreements for Series G Share Subscription of PCF Group S.A.

The report discloses that PCF Group S.A., a Warsaw‑based issuer, entered into subscription agreements with investors for 2 510 904 ordinary shares of Series G. Full cash consideration was paid, and the agreements were executed in accordance with Article 17(1) of Regulation (EU) No 596/2014 on market abuse. The disclosure is strictly informational and does not constitute an offer, solicitation or promotional material for the new shares. It applies only to qualified investors within EU member states and the United Kingdom, excluding persons in the United States, Australia, Canada, Japan, South Africa or other jurisdictions where such distribution would violate securities law. The shares are not registered under U.S. securities legislation and cannot be offered or sold in those territories except under specific exemptions such as Regulation S or Rule 144A. The issuer and its managers expressly disavow any liability for the content of the report, and no prospectus is required under the Prospectus Regulation. The document contains forward‑looking statements subject to risks and uncertainties, and it cautions that past performance does not guarantee future results. No investment recommendation is made; investors are urged to conduct independent due diligence before considering participation in the Series G subscription.

investment funding europe

PCF Group

Report

Current Report No. 34/2023: Admission and Introduction to Trading of Series E and F Bearer Shares

The report announces the approval and listing of PCF Group S.A.’s bearer shares on the Warsaw Stock Exchange. On 17 July 2023, the Board of GPW adopted resolution 745/2023 permitting 136,104 Series E shares and 3,343,037 Series F shares—each with a nominal value of PLN 0.02—to be traded on the Main Market. The shares will enter circulation from 19 July 2023, contingent upon registration by the National Securities Depository on that date and assignment of the ticker PLPCFGR00010. The announcement is grounded in Article 17(1)(2) and (4) of the 29 March 2018 Ministerial Regulation on ongoing and periodic information from issuers, ensuring compliance with disclosure requirements for non‑EU jurisdictions. The scope is limited to the Warsaw Stock Exchange’s primary market, covering only the two bearer share series of PCF Group. No survey or statistical methodology is presented; the document serves as a regulatory notification rather than an analytical study. The information confirms immediate effect of the GPW resolution and outlines procedural steps for depository registration, thereby enabling market participants to trade the newly listed shares.

investment funding ipo+1

PCF Group

Report

Zakończenie subskrypcji akcji serii F PCF Group S.A.

The report announces the completion of a private subscription offering for 3,343,037 ordinary Series F shares of PCF Group S.A., each with a nominal value of 0.02 PLN, issued at an emission price of 40.20 PLN per share. The subscription period ran from 29 May to 1 June 2023, with contracts finalized on 6 June and full payment received by 9 June. Two investors participated, acquiring the entire offering; no tranches or secondary allocations were involved. The total value of the issuance amounted to 134,390,087.40 PLN. Costs associated with the offering are pending finalization; a separate report will disclose detailed expense breakdowns and per‑share cost once all invoices are received. The document clarifies that the shares were offered exclusively within Poland, with no prospectus required under EU Prospectus Regulation, and that the offering is restricted to qualified investors in the European Economic Area, the United Kingdom, and certain U.S. institutional investors under Rule 144A. Legal notices emphasize that the report is informational only, not an offer or recommendation, and that distribution outside specified jurisdictions is prohibited. The report also contains forward‑looking statements subject to risks, uncertainties, and regulatory constraints, underscoring that investors should conduct independent due diligence before participating.

investment funding ipo+1

PCF Group

Report

Current Report No. 18/2023: Initiation of Negotiations for a Credit Agreement with Bank Polska Kasa Opieki S.A.

The report announces that on 30 May 2023 the board of PCF Group S.A. received financing terms from Bank Polska Kasa Opieki S.A., confirmed by the bank’s Credit Committee. The proposed facility is a revolving credit line capped at PLN 50 million, intended to cover production costs for commissioned games. The line is renewable and the repayment period extends up to three years from contract signing, with customary collateral for such transactions. The board has decided to enter negotiations to finalize credit documentation under these terms, while noting that receipt of the terms and initiation of talks does not guarantee a binding agreement. The company will disclose final documentation in a separate report once executed.

investment funding europe

PCF Group

Report

Raport Bieżący Nr 12/2023: Zawarcie Umowy Inwestycyjnej z Krafton, Inc.

The document announces that Krafton, Inc. has entered into an investment agreement to acquire shares of PCF Group S.A. under a capital increase authorized by the extraordinary general meeting, allowing up to 5 853 941 new ordinary shares of series F at a nominal value of PLN 0.02 each. The agreement obligates Krafton to purchase shares representing 10 % of the company’s capital and voting rights at an issue price of PLN 40.20 per share, with the company guaranteeing allocation upon fulfillment of Krafton’s subscription commitment. The investment contract grants Krafton rights of first negotiation and first refusal on future projects such as Project Victoria or Project Bifrost if released outside a self‑publishing model, and includes anti‑dilution, tag‑along, and drag‑along provisions. Both parties have executed lock‑up agreements lasting until 28 March 2024 and standard representations, warranties, and indemnity clauses. The agreement is governed by Polish law, has a ten‑year term with automatic renewal provisions, and allows Krafton to terminate under specific circumstances such as cancellation of the offer or failure to meet subscription deadlines; no penalties are stipulated. The report, prepared under EU Regulation MAR, is strictly informational and restricted to qualified investors within the European Economic Area, excluding public distribution in jurisdictions such as the United States, Canada, Australia, Japan, and South Africa. It contains forward‑looking statements subject to risks and uncertainties, and disclaims any investment recommendation or guarantee.

mergers-acquisitions investment funding+1

PCF Group

Current Report No. 29/2024: Conclusion of Strategic Options Review

Raport Bieżący Nr 25/2025: Podjęcie Uchwały w Sprawie Emisji Akcji w Ramach Docelowego Podwyższenia Kapitału Zakładowego

Raport bieżący nr 27/2025: Zawarcie umów objęcia nowych akcji serii H

Raport Bieżący Nr 27/2024: Zwiększenie Kwoty Niezabezpieczonej Gwarancji

Aktualizacja ram czasowych realizacji Strategii

Zasady Subskrypcji w związku z emisją i ofertą akcji zwykłych serii G: PCF Group S.A.

Current Report No. 15/2021: Investment Agreement and Share Acquisition

Raport Bieżący Nr 21/2023: Zawarcie Umów Objęcia Akcji Serii F PCF Group S.A.

Current Report No. 11/2023: Disclosure of Delayed Inside Information

Current Report No. 6/2023: Issuance of Shares as Part of Target Capital Increase

Zakończenie subskrypcji akcji serii D

Current Report No. 23/2023: Investment Agreement Supplement Between Krafton, Inc. and PCF Group S.A.

Zasady prowadzenia procesu budowy księgi popytu oraz subskrypcji: PCF Group S.A.

Current Report No. 40/2023: Execution of Agreements for Series G Share Subscription of PCF Group S.A.

Current Report No. 34/2023: Admission and Introduction to Trading of Series E and F Bearer Shares

Zakończenie subskrypcji akcji serii F PCF Group S.A.

Current Report No. 18/2023: Initiation of Negotiations for a Credit Agreement with Bank Polska Kasa Opieki S.A.

Raport Bieżący Nr 12/2023: Zawarcie Umowy Inwestycyjnej z Krafton, Inc.

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