Devolver Digital Moves to Go Private as Share Price Sits 96% Below Listing
Even with hit titles and positive cash flow in 2025, Devolver's share price kept falling, pushing the publisher to conclude that the costs of a public listing outweigh its benefits.
Reporting from 1 source: Automaton.
Publisher Devolver Digital announced plans to delist and go private, with a shareholder vote set for September 8. The company's stock has fallen about 96% since its November 2021 listing, and it estimates delisting will save roughly $1.6 million annually. Revenue has grown, but operating losses have persisted since 2022.
Devolver Digital notified investors on August 6 of its delisting proposal, according to Games Industry.biz. The publisher listed on London's AIM market in November 2021 at 170 pounds per share, valuing the company at 694.6 million pounds. The stock peaked that December, then declined steadily to around 6 pounds, a drop of roughly 96%.
The company argues the current share price does not reflect its true market value and that listing costs are disproportionately high. Delisting is expected to save about $1.6 million annually. The proposal goes to a vote at the September 8 shareholders' meeting, requiring 75% approval, with delisting expected September 16.
Devolver has run operating losses since 2022, though 2025 brought EBITDA of $7.1 million and positive cash flow, helped by titles like BALL x PIT and Stronghold Crusader: Definitive Edition. Even those results did not lift the share price.
Synthesized by Yomimono from the 1 cited source below, including Japanese-language reporting where cited, then editorially reviewed before publishing.