Thursday, June 23, 2022

Engine Gaming and Media (GAME)
Light At The End Of The Tunnel

Engine Media was formed in May 2020 through a three way merger between Torque Esports (TSXV: GAME) and Frankly Media. The stock currently on the Nasdaq pink sheets as MLLF. It has filed to uplist and Nasdaq has reserved the ticker GAME and should begin trading in August 2020 under this ticker.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Exits UMG. The company announced that it has sold its UMG subsidiary to Harena Data, Inc. in an asset purchase. Purchase price was not disclosed, but we expect it to be diminutive. We view the sale favorably as the company exits this money losing operation and as the company positions itself to swing toward break even and concentrates on its profitable growth oriented businesses. 

Strategy gains visibility. The recent moves shift the company away from direct-to-consumer platforms in order to focus on its B2B businesses that carry higher margins. The repositioning of the company is expected to swing the company toward run rate break cash flow by the second half fiscal 2023....

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.