Atari announced on Jul 29, 2025 an agreement to invest SEK 50 million in Thunderful for a stake of about 82%

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 said on Jul 29, 2025 that it had entered into a subscription agreement with Thunderful Group AB to take part in a directed share issue of SEK 50.0 million, approximately €4.5 million. A directed share issue sells new shares to chosen investors rather than to all shareholders. Under the terms of the agreement, Atari was to subscribe to 333,333,334 new ordinary shares at SEK 0.15 each, which would make it the owner of approximately 82% of Thunderful's outstanding shares and votes. Thunderful had 74,532,894 ordinary shares and voting rights as of Jun 30, 2025. The agreement was subject to approval by Thunderful's shareholders at an extraordinary general meeting that the release said would be held on or about Aug 28, 2025.1^,2^,3^,4^,5

Thunderful's board supported it unanimously, and two of its largest shareholders, Owe Bergsten and Brjann Sigurgeirsson, who together owned 29.9% of its capital and voting rights, had committed irrevocably to vote in favor of the board's proposals on the transaction at the meeting. The Swedish Securities Council had granted Atari an exemption from making a mandatory bid for the remaining shares under Swedish takeover rules. If approved, the share issue would be financed with Atari's own resources or with a potential new loan agreement with IRATA LLC, the holding company of Wade Rosen, Atari's chairman and chief executive.6^,7^,8^,9

Thunderful was listed on Nasdaq First North Premier Growth Market in Sweden under the ticker THUNDR, and the release described it as having a global games publishing business, five game studios and a services business. The release said it owned a portfolio of over 20 intellectual properties, including SteamWorld, ISLANDERS, Lost in Random and Vampire's Fall. For the fiscal year that ended Dec 31, 2024, it reported revenues of SEK292 M, approximately €25M. Thunderful announced the same day a restructuring plan to reorganize its publishing and development operations, reduce its cost base and improve operating cash flow.10^,11^,12^,13^,14

Wade Rosen, Atari's chairman and chief executive, described the investment as another important milestone in Atari's development, with the expansion of its publishing and development capabilities in the European region. He said Atari was confident that Thunderful would return to a profitable growth path.15^,16^,17

The text we hold, 2 pages in English with its pictures, charts and page layout left out, is the release of Jul 29, 2025 that announced the agreement; it came before the shareholders' meeting, so it does not say how they voted.1^,5^,18