Indie game publisher Devolver Digital officially announced on August 6 (local time) a proposal to [cancel its listing on the London Stock Exchange's Alternative Investment Market (AIM)] and convert into a private company.
Devolver is the company that published the original Fall Guys, a global hit in 2020. It has since delivered a string of distinctive, buzzworthy indie titles — Cult of the Lamb, Hotline Miami, Enter the Gungeon, Inscryption, Death's Door, and GRIS — earning a reputation as an "indie powerhouse." It has also made a name for itself with Devolver Direct, its own annual showcase of upcoming titles.
Through a Regulatory Information Service (RNS) filing that day, Devolver announced the delisting alongside a tender offer and the convening of a general meeting of shareholders. The delisting resolution goes before a shareholder meeting on September 8; if it passes, the last trading day will be September 15, with the listing cancelled at 7 a.m. on the 16th. Approval requires the consent of at least 75% of shareholders, and the board — which holds 25.91% of issued shares (128.4 million shares) — intends to vote in favor.
The reason the board cited was a disconnect between the share price and the nature of the business. In the filing, Devolver said that even though its recent performance had improved, the stock price failed to reflect the company's true value. It went on to explain that indie publishing sees results swing sharply from quarter to quarter depending on the timing and scale of individual title releases, which does not fit the public market's expectation of predictable, sequential growth — leaving the company under pressure to deliver short-term results.
When GameY checked Devolver's share price since its listing, the company — valued at roughly $940 million at the time of its 2021 listing — had shrunk to about $46 million as of August 5. Its closing price that day was £0.16, roughly 91% below its 2021 listing price. The company estimates the cost of maintaining its listing at about $1.6 million a year and says going private would save that expense. For shareholders who oppose the delisting or wish to cash out, it will also carry out a tender offer of up to $5 million at £0.16 per share.
Following the announcement, market data showed Devolver's share price fell further. Coming after major publisher Electronic Arts (EA) completed a private-equity-led move to go private, this reflects a trend in which the argument that public markets are a poor fit for the gaming business keeps surfacing regardless of company size.
Source: [5년 새 주가 91% 붕괴... '폴 가이즈' 배급사, 자진 상장폐지] — GameY (게임와이), published August 11, 2026, by reporter Lee Jae-deok.
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