Devolver Digital, the publisher behind some of our favourite indie titles, is looking to leave the stock market. The company, which has seen the release of titles like Hotline Miami, Gris, Cult of the Lamb, Ball X Pit, and more has announced its intent to return to being a private company, upon the approval of its shareholders.
As per an announcement on Devolver's investors page, we can see that this shift is conditional, and requires approval from 75% or more of the shareholders' approval before it can happen. In the same post, Devolver explains its reasoning for wanting to go private again, as it cites a volatile market that doesn't necessarily fit with the idea of bi-annual earnings reports and consistent growth.
Moreover, Devolver Digital is looking to get its finances back in order, and states that it estimates to save $1.6 million annually by going private once more. Since 2021, when Devolver went on the stock market, the games industry has seen a period of widespread layoffs, game delays, cancellations, underperformance, and more. This has led to a lot of game companies on the stock market seeing quite volatile trading, something that Devolver is looking to steer clear of to keep its financials as steady as possible.
In short, Volvy is getting out of Wall Street, and we can't blame him.
