Atari adjusted its convertible bonds' conversion ratio to 200 bonds per new share after its reverse split

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 May 12, 2026 that it had adjusted the conversion ratio of its bonds convertible into new shares, due Jul 31, 2026. A conversion ratio says how many shares each bond converts into: under the new ratio, 200 bonds gave the right to subscribe for 1 new ordinary share at the applicable conversion price, or 0.0050 share per bond. On exercise, the company said, the bonds gave entitlement to a maximum of 995,773 new ordinary shares.1^,2^,3^,4

The change followed a reverse stock split, in which a company folds its existing shares into fewer new ones; the release referred to the split as announced on May 5, 2026. In the split, the company said, every 200 existing shares with a par value of €0.01 each were consolidated into 1 new share with a par value of €2.00. The release tied the new bond ratio to the split: the ratio in effect before the split is multiplied by the ratio of the new number of shares to the old number. Fractions of a share were rounded down, with a cash payment for the fraction under the terms of the bonds. The company also pointed to a notice published on May 8, 2026 in the Bulletin des Annonces Légales Obligatoires, the French bulletin of mandatory legal notices.5^,6^,7^,8^,9

The AMF, France's financial markets regulator, filed the release as inside information, and the release's own disclaimer said it contained information that qualifies, or may have qualified, as inside information under the EU's market abuse regulation. In the same release Atari described a portfolio of more than 400 unique games and franchises, including Asteroids, Centipede, Missile Command, Pong and RollerCoaster Tycoon. It listed the developers Digital Eclipse and Nightdive Studios and the publishing label Infogrames among its brands, and said its shares were listed on Euronext Growth Paris under ALATA and on OTC Pink under PONGF.10^,11^,12^,13^,14

We hold the text of this one release, 3 pages in English with its pictures and layout left out, and none of the documents it refers to, such as the May 5 announcement of the split or the May 8 notice. The text we hold gives the ratio as a share count per bond but does not give the number of bonds outstanding or a conversion price in euros.15^,5^,9^,3