Devolver Digital Plans to Transition Back to Private Ownership

Indie game publisher Devolver Digital is aiming to revert to private company status by the end of the year. In a statement to investors, the company announced its plan to delist from the UK's AIM market. A shareholder vote is scheduled for September 8, during the company's Annual General Meeting. If the proposal is approved, Devolver Digital will cease to be a publicly traded company on September 16. The company initially went public on the AIM in November 2021, with a valuation of £694.6 million. However, the management team believes that the volatile video game market has presented significant challenges in meeting growth expectations. Furthermore, the company's current share price is deemed not to reflect its true market value. Since its initial public offering, Devolver Digital's share price has plummeted by 96.27%, resulting in a market capitalization of £34.64 million. By going private, the company expects to save approximately $1.6 million annually. According to a company spokesperson, the decision to delist is intended to allow the team to focus on the company's long-term well-being, rather than conforming to the requirements of the public market.