Atari said in January 2025 it would repay a $2.0 million loan from its chairman's holding company with 18,145,343 new shares

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Atari announced on Jan 24, 2025 a €2.1 million capital increase reserved to IRATA LLC, the holding company of Wade Rosen, its chairman and chief executive. The increase was to repay, with newly issued shares, a loan IRATA had granted to Atari on Jan 22, 2024, for $2.0 million at an annual interest of 10%. Atari said 18,145,343 new shares, representing 4% of its share capital, would be issued with no discount on the share price and admitted to trading. They were to be issued on the basis of a 20-day volume-weighted average price (VWAP), the average share price over those days weighted by trading volume, of €0.1161 as of Jan 22, 2025. The number of shares outstanding would rise from 442,821,918 to 460,967,261.1^,2^,3^,4^,5^,6^,7

After the operation IRATA would hold 29.37% of the share capital, up from 26.47%, and 29.44% of the exercisable voting rights, or 29.24% counting theoretical voting rights. Atari added that IRATA also held 195,163,398 convertible bonds. The board approved the repayment in shares and the capital increase unanimously, under an authorization the shareholders gave on Sept 24, 2024, and Rosen abstained from participating in the board's decision. After the repayment, IRATA's remaining loans to Atari and its subsidiaries would stand at €21M in principal amount, including €5.5 M of new loans concluded since Sept 30, 2024.8^,9^,10^,11^,12^,13^,14

Atari described itself as an interactive entertainment company with a portfolio of more than 400 games and franchises, among them Asteroids, Centipede, Missile Command, Pong and RollerCoaster Tycoon. The release said its shares were listed in France on Euronext Growth Paris.15^,16

The AMF, France's financial markets regulator, listed the release under inside information, the heading for what a listed company publishes because it may move its share price. We hold the text of this release, 2 pages in English, and none of the documents it refers to.17^,18^,19^,20