Atari said it would convert €12.6 million of loans into shares at €24.00, taking IRATA LLC to 48.8% of its share capital

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.

On Sep 17, 2026, Atari said it had finalized the refinancing of loans with IRATA LLC and certain private financial partners, and described it as converting €12.6 million of loans into equity. The loans of IRATA LLC, the holding company of Wade Rosen, Atari's chairman and chief executive, were to be converted through a capital increase reserved to IRATA LLC. Those loans, granted on Feb 20, Apr 22, Apr 25 and May 19, 2026, totaled €11.7 million in principal and interest and carried an annual interest rate of 15%. On conversion, 489,289 new ordinary shares, 11.5% of the share capital after the increase, were to be issued at €24.00 a share.1^,2^,3^,4^,5^,6^,7

Loans from private financial partners, €1.4 million in principal and interest, were partly converted in return for 39,360 new ordinary shares, to be issued at the same €24.00 a share; the release puts them at 0.9% of the share capital. The remaining €0.4 million of those loans was amended and extended into new loan agreements with a three-year maturity and a 12% interest rate. In all, 528,649 new shares were to be issued at €24.00 each, which the company said was a 22% premium to Atari's share price of €19.65 on Sep 16, 2026.8^,9^,10

Before the increase, IRATA LLC held 1,594,138 shares, 42.63% of the share capital and 42.82% of the voting rights. Afterwards it would hold 48.8% of the share capital and 49.1% of the voting rights, the release said, and its outstanding loans to Atari and its subsidiaries would stand at about €51 million in principal. A footnote said those outstanding loans could also be redeemed by issuing new shares.11^,12^,13

Atari said it owned or managed a portfolio of more than 400 games and franchises, and that its family of brands included the game developers Digital Eclipse, Nightdive Studios, Thunderful and Hipster Whale. A note to the capital table said Atari's treasury shares, the shares it holds itself, rose by 12,106 as a result of buying shares from shareholders who exercised withdrawal rights tied to the Luxembourg redomiciliation, as communicated on Jul 7, 2026.14^,15

The company expected completion in the coming days; the text we hold cannot say whether the new shares were delivered. We hold this one release, in English, on 2 pages, and none of the earlier press releases it points to.16^,17^,18