Winking Studios’ Placement of 108.0 million new ordinary shares at S$0.25 each fully subscribed; Raising net proceeds of S$26.5 million

• Net proceeds will principally be used for strategic corporate initiatives, acquisitions and enhancements of operational capabilities

• The Placement has garnered substantial interest from existing shareholders, management team and investors across Singapore, Malaysia and Taiwan

• Listing and trading of the Placement Shares is expected to begin at 9.00 am on 10 July 2024

Winking Studios Limited (“Winking Studios” or the “Company”, and together with its subsidiaries, the “Group”), one of Asia’s leading game art outsourcing studios and an established game development company, has garnered substantial interest for its placement (the “Placement”) from(i) Acer Incorporated (“Acer”), its existing indirect controlling shareholder, through its subsidiaries Acer Gaming Inc. and Acer SoftCapital Incorporated (together, the “Acer Group”) (ii) the Company’s management team and (iii) existing and new investors from Singapore, Malaysia and Taiwan.

The placement involved the issue of up to 108.0 million new ordinary shares in the capital of the Company (the “Placement Shares”) at an issue price of S$0.25 for each Placement Share (the “Placement Price”). The Placement Price of S$0.25 for each Placement Share represents a discount of approximately 1.0% to the volume weighted average price of S$0.2524 for trades done on the SGX-ST on 9 April 2024, being the full market day on which the placement agreement was signed.

PrimePartners Corporate Finance Pte. Ltd. is the Placement Agent for the Placement.

As at the close of the Placement all 108.0 million new ordinary shares were validly subscribed for, andapplication monies received for the Placement Shares amounted to a total of S$27.0 million.

The listing and trading of the Placement Shares on the Catalist of the SGX-ST is expected to commence at 9.00 am on Wednesday, 10 July 2024.

Since our IPO in November 2023, we have successfully completed the acquisition of an art studio - in Taiwan and the business and certain assets of an art studio in Malaysia, which is a new market for the Group. With these strategic acquisitions, we now have nine studios which are strategically located across Asia that serve a growing global customer base.

“Funds from this Placement are timely to support our ongoing pursuit of corporate initiatives, strategic acquisitions and enhancements to our operational capabilities to further strengthen our market position globally. We remain committed to implement our growth strategies to unlock new value propositions for all our stakeholders.”

The net proceeds of approximately S$26.5 million will enable Winking Studios to fund its business strategy and future plans such as strategic acquisitions, alliances and joint ventures, secondary or dual listings, to grow the Group’s market share and broaden its customer base globally.

The Group also intends to further enhance its current operational capabilities, which includes the development of artificial intelligence tools and maintaining high-quality services and art assets, and to expand and improve the infrastructure of its offices so as to increase its market presence globally.

Strategic Acquisitions since IPO in November 2023

To-date, the Group has completed two strategic acquisitions in 2024. Acquired in April 2024, On Point Creative Co., Ltd. is a Taiwan-based design studio specialising in complementary art outsourcing services, further expanding the Group’s network in Taiwan.

Malaysia-based Pixelline Production Sdn. Bhd., (“Pixelline Production”) is mainly engaged in the provision of art outsourcing services and animation outsourcing services. The acquisition of the business and certain assets of Pixelline Production in June 2024, marked the Group’s first presence of art studio in Malaysia and is a strategic move which aligns with the Group’s business strategy to increase its market presence globally.