Esports organization Astralis announced Thursday that its board of directors has initiated a “strategic review” to explore the future position of the company, which could include delisting the company’s shares (going private), issuing new shares, or a sale of the company’s shares and assets.
“Combinations of all or some of the four possible transactions may also be the outcome of the strategic review,” the company said in a release.
The story was first unearthed by Dust2.us.
The impetus for these actions by the board are a reaction to the company’s current share price, which is described by Astralis as now trading “at a material discount to the price of the initial public offering of DKK 8.95.”
Earlier this month, Astralis revealed its FY 2022 financial results, recording an increase in net revenue to DKK 87.5M ($12.8M USD) in 2022 up from DKK 75.0M ($10.9M USD) in 2021. The company also recorded an EBITDA of DKK 2.6M ($388K USD) in 2022, an improvement from the 2021 EBITDA of DKK -7.9M ($115K USD). For 2023, the company said it expected to generate net revenue between DKK 85M – DKK 90M ($12.4M – $13.1M USD).
Astralis is one of very few (mostly) pure esports organizations that is publicly traded, and operates rosters in League of Legends (LEC), multiple men’s and women’s teams in Counter-Strike: Global Offensive, and a player competing in FIFA.