Gfinity shares jumped on Friday after a major shareholder increased their stake in the company. Gfinity is undergoing a strategic transformation to focus on its media business in an effort to become profitable.
Major shareholder Robert Napier Keith increased his stake from 12% to 20.7% according to a holdings update released on Friday.
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Gfinity shares were 13% at the time of writing having hit the highest point since June earlier in the session.
The company has recently divested its esports assets to focus solely on its media business which has historically generated the lion’s share of their revenue.
The company is targeting cash breakeven and 10m monthly users in the coming months.