GGF’s Stock Gets Relisted

Pirate Bay buyer finds a new home for its stock on the Mangold Fondkommission, though seems no closer to completing the acquisition.

Exactly 10 days ago Global Gaming Factory (GGF), the software developer trying to buy Swedish BitTorrent tracker site the Pirate Bay, was found guilty of misleading AktieTorget, the stock market where it was traded, and formally delisted.

Aktietorget had first suspended the stock back in August so that GGF could prove that “more than 60 million kronor has been offered by investors” to finance its purchase of the Pirate Bay to “establish a system of legal downloading.” It was later referred to its disciplinary committee for formal review where it was ultimately sanctioned.

Now it seems GGF has managed to find a new home for its stock at Mangold Fondkommission, a independent Swedish brokerage firm that specializes in small and medium-sized listed companies.

From a press release:

Global Gaming Factory X share will be traded on the Swiss chard list below.

Listing Name: Global Gaming Factory X AB (publ)

Nickname: GGF

ISIN code: SE0001100553

Trading lot: 10 000 shares

Trading on Mangold list

Investors wishing to trade in the shares of Swiss chard list are asked to contact their bank or its securities houses, which in turn will contact Mangold Fondkommission AB’s trading desk. Mangold list “in Mangold Fondkommission AB’s website www.mangold.se . .

It’s a bewildering development considering GGF CEO Hans Pandeya’s troubled finances and the fact that investors are weary of funding an $8.7 million USD deal to buy the Pirate Bay with no formal business plan other than to create a site where “content providers and copyright owners get paid.”

For those keeping score at home it’s been 22 days now that Pandeya said the deal would be finalized “within the next eight days.” With a new home for it’s stock it may finally be able to do that and get the investors it needs, but I wouldn’t hold my breath.

Stay tuned,

[email protected]

[Hat Tip]