Snail will become a holding company for gaming developer Snail Games USA Inc. as part of the IPO, the company said in a Friday filing with the Securities and Exchange Commission. In connection with the offering, the stockholders of Snail Games USA will contribute their interests to Snail in exchange for a proportional amount of Snail common stock. As a result, Snail will be a holding company for Snail Games USA and its subsidiaries. Snail Games USA was founded in 2009 as a unit of Suzhou Snail Digital Technology Co. and became an independent entity this year. Write to Kathryn Hardison at kathryn.hardison@wsj.com(END) Dow Jones NewswiresSeptember 16, 2022 18:33 ET (22:33 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.

Source: Wall Street Journal September 17, 2022 10:41 UTC