The MSM Corporation (ASX: MSM) share price is soaring higher today after the global launch of Zombie Rollerz: Pinball Heroes on Apple Arcade.
The post Why the MSM (ASX:MSM) share price is soaring 12% today appeared first on The Motley Fool Australia. –
The MSM Corporation International Ltd (ASX: MSM) share price is soaring higher today. This comes after the company announced its strategic partner, Firefly Games Inc., has globally launched Zombie Rollerz: Pinball Heroes on Apple Arcade.
At the time of writing, the MSM share price has rocketed 12.2% to 4.6 cents after reaching as high as 5 cents earlier in the day. In comparison, the All Ordinaries Index (ASX: XAO) is down 0.05% to 6,906.6 points.
Why is the MSM share price surging?
Investors are scrambling to get a hold of MSM shares after the company revealed this milestone achievement.
According to the release, the Zombie Rollerz: Pinball Heroes game has successfully launched and it is featured on the main Apple Arcade page. The game, which was co-developed by Firefly Games and Zing Games, will now target world-wide mobile gaming audiences.
In late November, MSM secured an equity position and first ranking, interest free-loan notes in Riva Technology and Entertainment Limited (RTE) group. RTE Group is the majority shareholder in another company which is the sole owner of Firefly Games. Thus, through its investment, MSM and Firefly Games became strategic partners.
While MSM has a priority right to be paid in profits or distributions received by RTE, it’s expected that gaming revenues will flow down into loan note repayments. This will allow MSM to meet its working capital requirements going forward.
In addition, MSM noted it may also be paid further distributions after the loan repayments have been satisfied. MSM currently has a 10% interest in RTE.
Chair of the Riva group and RTE director Mr Paul Roy commented on the milestone achievement. He said:
We are extremely pleased by the positive feedback to the game and especially honoured that Apple has featured the game globally on all App stores. We continue to work hard on multiple opportunities to secure new intellectual property to complement our existing suite of assets.
About the MSM share price
The MSM share price has gone gangbusters today, rising nearly 22% before pulling back to its current level. Over the year, the company’s shares have jumped 360%, representing an impressive gain for patient shareholders.
The MSM share price hit a 52-week low of half a cent in March, and an all-time high of 5.6 cents in July.
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Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Apple. The Motley Fool Australia has recommended Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.