Mobile games company Jam City has revealed that it has cancelled its current plan of going public on the New York Stock Exchange.
It had announced it would float through a merger with special purpose acquisition company DPCM Capital that would have enabled it to also acquire Canadian game developer Ludia for $175 million. The resultant company would have been valued at $1.2 billion with Jam City predicting bookings of $868 million in 2022.
However both companies now mutually expressed that the merger would ceased due to the “current market conditions.” No further details were given.
It’s believed Jam City still wants to acquire Ludia but will need to organise a new source of capital.
Cancelled plans
Jam City was founded in 2010 by Chris DeWolfe, a MySpace co-founder and former CEO and has accomplished success with mobile games such as Cookie Jam, Disney Emoji Blitz and Harry Potter: Hogwarts Mystery. Jam City maintains a multi-year game development agreement with Disney.
DPCM Capital was established in 2020 by Uber senior vice president of business Emil Michael, who operates as a Chairman and CEO.
PocketGamer.biz has reached out to Jam City for comment.
Jam City president Josh Yguado recently spoke with us about the acquisition of Ludia and the now-abandoned plans to go public.
Earlier this month Disney Emoji Blitz surpassed 40 million downloads, five years after the initial launch of the title.
