Devolver Digital Shares Plummet 60 Percent Following Plans to Delist from Stock Exchange

Indie publisher Devolver Digital has announced plans to delist from the Alternative Investment Market of the London Stock Exchange. Five years after initially listing as a public company, Devolver Digital contacted its investors to propose a vote on the delisting. If the majority of investors support the proposal, the publisher will officially return to private status by September 16.

Following the announcement, Devolver Digital shares plummeted by 59.38 percent to 6.5 pence per share. The publisher stated that its current share prices are too low and fail to reflect the true market value of the company. Devolver Digital pointed to the broader crisis in the gaming industry as a factor and considers continuing public trading under current conditions to be too risky.

By returning to private status, the company anticipates saving up to $1.6 million in annual expenses while improving its financial standing. A company representative explained that being private will allow executive, legal, and finance teams to focus entirely on long-term company health instead of meeting public market requirements.

When Devolver Digital held its IPO in November 2021, its market value was estimated at £694.6 million. In the years since, the company value decreased significantly prior to the recent drop.