Atari said in Dec 2025 it would offer SEK 0.30 a share for the rest of Thunderful, after a SEK 35 million share issue to itself

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 Dec 19, 2025 that it intended to acquire the remaining 18% stake in Thunderful Group, a publisher, and to ask for its delisting from Nasdaq First North Growth Market in Stockholm. The plan started with a directed share issue, which sells new shares to a chosen investor instead of offering them to all shareholders: Thunderful's board resolved, subject to its shareholders' approval, on an issue of 350 million new shares to Atari for SEK 35 million. The release put that at about USD 3.8 million, at a rate of 9.29 kronor to the dollar on Dec 18, 2025. Thunderful's extraordinary general meeting was to vote on the issue on Jan 26, 2026.1^,2^,3^,4^,5^,6^,7^,8

The new shares would be issued at SEK 0.10 each, a 46% discount to Thunderful's closing price of SEK 0.1865 on Dec 18, 2025, and they would equal about 86% of the shares outstanding before the issue. If the issue went through, Atari would hold about 683 million Thunderful shares, or about 90.2% of the share capital and votes, and would ask Thunderful's board to apply for the delisting.9^,5^,10^,3

Subject to that delisting, Atari said it would offer to acquire all Thunderful shares it did not already hold at SEK 0.30 per share. The release put that offer at a premium of about 61% over the closing price of SEK 0.1865 on Dec 18, 2025, and of 100% over the price per share Atari paid in Thunderful's directed share issue in August 2025. Atari said it would also ask for a compulsory redemption procedure under Chapter 22 of the Swedish Companies Act to acquire the remaining minority shares, at the same SEK 0.30 per share, which it said would leave it holding 100% of the shares in Thunderful. Atari said that details of how minority shareholders could accept the offer would be published by Atari and Thunderful in due course.3^,11^,12^,13^,14

Atari said it would finance the transaction either from its own resources or with a potential new loan agreement with IRATA LLC, the holding company of Wade Rosen, whom the release names as Atari's chairman and chief executive. Rosen said that Atari's first investment in Thunderful was made in August 2025, that bringing Thunderful into the Atari network was the next natural step, and that Atari looked forward to working with Thunderful's teams to develop its operations in Europe.15^,16

We hold the text of this one release, 8,418 characters over 4 pages, with its pictures and layout left out, and we hold none of the documents it refers to.17