Atari Company Atari announces investment in tinyBuild

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Atari announces investment in tinyBuild​

PARIS, FRANCE (December 21, 2023 - 8.30 am CET) - Atari® — one of the world's most iconic consumer brands and interactive entertainment producers — today announced it has entered into an agreement with tinyBuild, Inc (“tinyBuild”) to invest US$2 million as part of tinyBuild’s announced capital increase.

Wade Rosen, Chairman and CEO of Atari commented: “tinyBuild is an amazing company, with industry leading games and benefiting from an expansive fan base. Atari is excited to participate in the current capital transaction as tinyBuild’s approach to the indie games market is in line with Atari’s long-term approach.”

“We are pleased to welcome Atari as a strategic investor of tinyBuild. Atari is a timeless brand and its support validates the current strategic plan for tinyBuild,” said Alex Nichiporchik, CEO of tinyBuild.

tinyBuild announced on December 21, 2023 its intention to proceed with a US$14 million capital increase by means of the issue of new common shares. The announced capital increase by tinyBuild and Atari’s participation remain conditional on certain approvals of tinyBuild shareholders at a meeting which is intended to take place on January 18, 2024. Following the shareholders approval, and completion of the capital raise, Atari will hold approximately 7.5% of tinyBuild share capital1.

Atari announces investment in tinyBuild

Atari announces investment in tinyBuild PARIS, FRANCE (December 21, 2023 - 8.30 am CET) - Atari® — one of the world's most iconic consumer brands and...

www.globenewswire.com

 

[The Helper]

Iconic video game brand Atari hands $2m lifeline to struggling game studio Tinybuild​

Atari will take $2 million worth of shares and CEO Alex Nichiporchik $10 million in a deal that should keep the studio afloat

Iconic games console brand Atari is set to take a $2 million stake in struggling video game developer Tinybuild, as part of a $14 million funding deal that should keep the studio afloat.

The funding is much-needed after Tinybuild revealed a combination of court settlements and poor sales from a business it had acquired meant that it could run out of cash by the end of January.

Today, it said French firm Atari SA will take a stake in the business in the 5p-per-share offer. Tinybuild’s CEO Alex Nichiporchik is also injecting $10 million as part of the deal, while another $2.2 million of shares will be made available in an open offer. Depending on the results of the open offer, the deal could give Nichiporchik more than 50% of TinyBuild’s shares and voting rights. Given the increase in his voting rights, the deal must be approved by shareholder vote.

Iconic video game brand Atari hands $2m lifeline to struggling game studio Tinybuild

Atari will take $2 million worth of shares and CEO Alex Nichiporchik $10 million in a deal that should keep the studio afloat

www.standard.co.uk