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News Bite: 5050 Poker Shares Slammed

5050 Poker, the online site that gives players a stake in the company depending upon volume, listed on Sweden’s NASDAQ OMX First North exchange in Stockholm last week. Shares soared initially but have now lost over 55% of their value. The company launched at SEK6.05 per share and hit a low of SEK1.55 per share.

While 5050 Poker’s timing for floatation was poor, management remains confident. Chief Executive Patrick Sjögren said: “We are very pleased with the strong interest in our listing, and now we look forward to benefiting from the investor reach and brand awareness that comes with being a listed company. We have shown significant growth in the last year and will leverage our listing at First North to continue to build an international and profitable gaming company.”

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