Korean social gaming operator DoubleU Games has terminated its contract with the underwriter responsible for listing its DoubleDown Interactive subsidiary on the Nasdaq exchange, and will now select a new representative to continue the process of going public.
DoubleDown announced its plans to raise around $100m via the Initial Public Offering (IPO) in June last year, with the capital raised intended to support strategic acquisitions, as well as repaying financial investors.
In July, DoubleU announced that the effects of the novel coronavirus (Covid-19) pandemic meant that it would put its listing plans on hold, as it believed the economic uncertainty caused by the pandemic had resulted in a decline in investor appetite.
However, it later revived the plans to spin the DoubleDown business off and launch an IPO.
DoubleU Games said today that the listing of Double Down Interactive was its top priority, and therefore minimising the delay in completing the process by appointing an under..