Last week, Atari announced that it would invest $2 million in tinyBuild as part of the latter's announced recapitalization.
On Thursday, December 21, tinyBuild announced plans to raise an additional $14 million through the issuance of new shares. Atari's proposal will be presented and considered by the board of directors on January 18. After obtaining the necessary approvals and a successful capital increase, Atari will have a share of approximately 7.5% of the total share capital of tinyBuild.
“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,” stated Wade Rosen, Chairman and CEO of Atari.
As a game publisher, tinyBuild has released numerous indie titles, including Hello Neighbor 2, Tinykin, Potion Craft: Alchemist Simulator, Not for Broadcast, Kill It with Fire, Pathologic 2, The Final Station, Punch Club, and many others.
It's worth noting that tinyBuild has recently faced significant financial challenges. In the summer, the company's shares fell by 80% after an unfavorable financial report, and in October they experienced mass layoffs and were on the verge of bankruptcy. That is why it should not be surprising that the publisher Versus Evil also closed, whose parent company just happened to be tinyBuild.
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