DFNN to increase authorized capital to P2 billion

DFNN Inc., a gaming technology firm, is increasing its authorized capital stock to P2 billion from P500 million, pending stockholder approval.

This move will expand its common shares to 1.9 billion from 400 million, while retaining 100 million preferred shares, all with a P1 par value.

The capital increase is intended to support additional subscriptions and facilitate a debt-to-equity conversion to reduce the company's accumulated deficit.

DFNN expects the capital infusion to lower interest and penalty expenses and strengthen its overall financial position.

The company, which holds PAGCOR licenses for various electronic games, aims to use the funds for debt settlement, cybersecurity and AI investments, and regulatory expenses as part of its growth and rehabilitation plans.

DFNN has already raised P450 million through private placements for its recovery strategy.