Devolver Digital Wants To Go Back To Being A Private Company
Back in 2021, indie publisher Devolver Digital announced that it became a publicly traded company. At the time, the company told fans that its staffers would remain the majority owners of the company, retaining some hope among fans that it will remain the wacky company that it has always been. Fast forward nearly five years, […] The post Devolver Digital Wants To Go Back To Being A Private…
In 2021, indie publisher Devolver Digital transitioned into a publicly traded company. Initially, the staff were the majority owners, maintaining the company's unique identity. However, nearly five years later, the publisher is now seeking to revert to a private structure. Devolver Digital has proposed to shareholders the cessation of trading its shares on AIM, a section of the London Stock Exchange.
A General Meeting is scheduled for September 8th, where investors must cast a 75% approval vote to proceed. The directors, possessing 25.91% of the shares, plan to support this move. This decision comes after the publisher highlighted the "significant disruption and volatility" in the global video games industry, which has affected Devolver's efforts to achieve growth aligned with market expectations.
Despite these challenges, the company believes that going private will enable the team, especially in finance, legal, and executive roles, to concentrate on the company's long-term prosperity rather than adhering to the demands of the public market. The announcement suggests that being private could be advantageous for the health and success of Devolver Digital.
Written by urgent.news from Lowyat.NET's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
