Kin Group Share News (KIN)

LONDON (Alliance News) - In-game advertising firm Bidstack Group PLC said Wednesday it completed the acquisition of Bidstack Ltd by way of a reverse takeover and raised GBP3.5 million in a share placing.

The newly-listed stock was trading down 11% at 6.215 pence per share.

Bidstack placed 58.3 million shares at 6 pence each after completing a name change from Kin Group PLC.

James Draper, Francesco Petruzzelli and John McIntosh joined the board as chief executive officer, chief technology officer and finance director, respectively, the company added.

Draper said: "I am delighted Bidstack is joining AIM. The funds raised from the placing will enable us to grow our business and cement our position as the go-to media owner of native in-game advertising."

At the end of August, cash shell Kin Group said it would acquire video game-focused software company Bidstack Ltd through a reverse takeover.