Overview
- The company announced the proposal Thursday and will ask shareholders to vote at an AGM on September 8 on delisting from the London Stock Exchange’s AIM market.
- If shareholders approve, trading would stop on September 16 and the company plans a conditional tender offer to return up to $5 million in cash to qualifying holders.
- Devolver says delisting will cut roughly $1.6 million in annual costs tied to AIM listing and let management focus on longer-term publishing plans instead of short-term reporting.
- The announcement triggered a sharp market reaction, with the share price plunging about 59% to roughly 6.5 pence per share in immediate trading.
- Devolver went public in November 2021 at about a $950 million valuation and is now worth roughly $46 million, a collapse the board cites as evidence public markets misprice the long-tail, uneven revenue profile of indie games.