tinyBuild Inc - Seattle, Washington-based video game developer and publisher - Confirms it raises $12.0 million from a placing and subscription of new shares at 5 pence each and expects to raise $2.2 million more from an open offer to existing shareholders. The equity raise was underwritten by tinyBuild Chief Executive Officer Alex Nichiporchik, whose stake may rise to as high as 59% from the current 37.8%, depending on take-up of the open offer, which will be on the basis of one new share for every six already held.
Also, taking part in the equity raise is French videogame firm Atari SA, which buys $2.0 million worth of new shares. ‘tinyBuild is an amazing company, with industry leading games and benefiting from an expansive fan base,’ says Atari Chair & CEO Wade Rosen. ‘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.’
tinyBuild calls special meeting of shareholders for January 18 to approve the equity raise.
Current stock price: 4.00p, up 60% on Thursday in London
12-month change: down 96%
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