Bragg Gaming is delivering a combination punch: a 12% staff reduction for slimming down → a $1.3 million private placement for replenishment → acquisition of Drayton International → industry veteran Matt Davey joins with a 10% stake and takes the role of non-executive chairman. According to the PASA official website, this gambling technology company, listed on both TSX and Nasdaq, has four interconnected actions signaling the same message—cost reduction, expansion, and leadership change, swinging three axes at once.
1.73 subscription certificate + 1.73 subscription certificate + 1.73 subscription certificate + 2.16 warrant All internal members contribute money
This time, it's a non-brokered private placement, aimed at specific private investors rather than the public, planning to issue up to 751,445 subscription certificates, each priced at **1.73**—anchored to the Nasdaq closing price on May 29. After closing, each certificate converts into 1 common share + 1 non-transferable warrant, the exercise price of the warrant **1.73**—anchored to the Nasdaq closing price on May 29. After closing, each certificate converts into 1 common share + 1 non-transferable warrant, the exercise price of the warrant **1.73**—anchored to the Nasdaq closing price on May 29. After closing, each certificate converts into 1 common share + 1 non-transferable warrant, the exercise price of the warrant **2.16**, valid for 36 months. The warrant includes an acceleration clause: if the VWAP (Volume Weighted Average Price) on TSX exceeds the exercise price by more than 25% for 15 consecutive trading days, Bragg can issue a 30-day notice to accelerate the expiration of the warrant. The funds are intended for general corporate purposes and working capital, with the closing date around June 19, subject to TSX, Nasdaq, and relevant regulatory approvals. This internal subscription is significant—CFO Robbie Bressler 86,705 certificates, COO Morten Tonnesen 57,803 certificates, and director Thomas Winter also 57,803 certificates. The largest individual buyer is Matt Davey: 115,607 certificates, and after the transaction, he will hold about 10% of the shares and will serve as the non-executive chairman.
After reducing staff by 12%, acquiring Drayton to simultaneously push cost reduction and expansion
Shortly before the private placement, Bragg had just cut 12% of its global staff to improve cost structure, drive EBITDA growth, and accelerate the achievement of sustained net profit positivity. The acquisition of Drayton International—in exchange for 4.5 million common shares (at $2.00 per share) for 100% equity—is an addition to the product and technology side. CEO Matevž Mazij called this acquisition "a highly strategic move, pushing the expansion of global footprint and proprietary IP and technology." Davey's role is also significant: he is the founder and chairman of the gambling investment company Tekkorp Capital, combining capital, connections, and industry experience. Bringing in an investment veteran holding 10% of the shares as a non-executive chairman, Bragg's plan is clear—not to worship a Buddha, but to find someone who can drive the next steps in capital operations and strategic acquisitions.
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This article is from "PASA-Global iGaming Leaders," a gambling industry news channel:https://t.me/pasa_news
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