iCandy Interactive Limited (ASX:ICI), a video-game development group listed on the ASX since 2016 and one of the largest independent game developers in the region, is evaluating a potential US listing of its wholly-owned Lemon Sky Studios on the NYSE American or another US securities exchange. The company aims to support the continued growth of Lemon Sky and unlock shareholder value through this strategic move. Lemon Sky Studios is a leading independent game art and animation studio with a 19-year history, supporting numerous global AAA video game titles and major international publishers.
iCandy has engaged with several US investment banks and advisors and is leaning towards the NYSE American exchange. The company expects to finalise the appointment of a banker in the coming weeks. Lemon Sky Studios plans to position itself as an AI technology-enabled entertainment production company, integrating AI-driven workflows to enhance scalability and efficiency. Indicative valuation discussions suggest a potential range exceeding iCandy’s current market capitalisation, though the final valuation remains subject to market conditions.
Subject to the outcome of a potential US listing, iCandy is also exploring options to return a portion of the equity value in Lemon Sky Studios directly to iCandy shareholders. Structures under consideration include an in-specie distribution of Lemon Sky shares, a capital reduction, or other mechanisms available under Australian legislation. The company has appointed Hamilton Locke as its Australian legal counsel. iCandy is also considering a potential equity placement to fund the Lemon Sky Studios US IPO and cover legal costs related to alleged improper conduct by a former consultant.
Due to disruptions related to the alleged conduct of a former consultant, iCandy is nearing completion of its FY2024 and FY2025 financial statements. However, its removal from the Official List of the ASX is likely on 1 April 2026, based on current timelines and the ASX’s Long Term Suspended Entities Policy. iCandy will host an investor webinar on 27 March 2026, with details to be announced. Shareholders can provide queries in advance to ici@reignadvisory.com. Following removal from the ASX, iCandy will continue to operate as an Australian public company. Any potential US listing and associated actions remain subject to ongoing evaluation, approvals, and market conditions.
