Amsterdam-based Azerion, a media and technology company, announced on Monday that the Autoriteit Financiële Markten (AFM), the financial services regulatory authority for the Netherlands, has launched an investigation focusing on irregularities in trading of Azerion shares
The Dutch company says the AFM seems to be looking into its compliance with article 15 of the Market Abuse Regulation, particularly into Principion Holding B.V.’s shareholders, which include Azerion’s co-CEOs Atilla Aytekin and Umut Akpinar.
Principion is currently Azerion’s biggest shareholder.
As a result, Atilla Aytekin has decided to temporarily step aside as co-CEO to prioritise the interests of the Company and its stakeholders. The company says the decision was taken with the support of the Supervisory Board.
Azerion’s Executive Committee and broader leadership team will continue to lead the company’s day-to-day operations, with Umut Akpinar as CEO and Ben Davey as CFO.
“The AFM approached the company on March 7, 2023, and the Company is fully cooperating with the investigation,” reads the statement.
As a result, the Dutch firm’s stock price decreased by 20.77%. At the time of writing this article, Azerion’s stock is valued at €2.06.
Azerion: Digital entertainment and media platform
Founded in 2014 by Dutch entrepreneurs Umut Akpinar and Atilla Aytekin, Azerion claims to have built an ecosystem that combines content, technology, and data for publishers, advertisers, and consumers.
The company’s platform provides technology solutions to automate the purchase and sale of digital advertising for media buyers and sellers, supported by in-market sales and campaign management teams.
The Dutch firm generates revenue in two ways – through advertising spend across its platform and through in-game purchases across its premium games (approx 22 per cent of 2020 reported revenue), with additional revenue coming from AAA game distribution.
It has already developed more than 16,000 game titles with over 425 million monthly active users.
Since its inception, the company has had an active acquisitions strategy, having added 38 companies in the digital entertainment and technology sectors to the Azerion family. It layers these acquisitions on top of its existing business into a single, coherent platform.
