Atari: Wade Rosen's holding will reach 49.1% of voting rights following loan conversion
The video game publisher listed on Euronext Growth Paris announces today the conversion into capital of loans granted by IRATA LLC, the holding company of its chief executive Wade Rosen, as well as by private financial partners. Following the transaction, IRATA LLC will hold 49.1% of voting rights.
Conversion of IRATA LLC and private partners' loans into shares
Atari has finalized the refinancing of loans contracted from IRATA LLC, the holding company of Wade Rosen, president and chief executive officer of Atari SA, and from certain private financial partners. The transaction was approved by disinterested members of the board of directors.
Loans granted by IRATA LLC, made on February 20, April 22, April 25 and May 19, 2026 for a total amount of €11.7 million (principal and interest) bearing an annual interest rate of 15%, will be converted into capital through a reserved capital increase. This conversion will result in the issuance of 489,289 new ordinary shares, representing 11.5% of capital, at the price of €24.00 per share.
Furthermore, loans from private financial partners totaling €1.4 million (principal and interest) have been partially converted in exchange for the issuance of 39,360 new ordinary shares, or 0.9% of capital, at the same price of €24.00 per share. The remaining loans (€0.4 million) have been amended and extended under new loan agreements with a maturity of three years bearing an interest rate of 12%.
IRATA LLC raised to 48.8% of capital following the capital increase
In total, 528,649 new ordinary shares will be issued as a result of these conversions and refinancing, at the price of €24.00 per share, representing a premium of 22% compared to the Atari share price on September 16, 2026 (€19.65).
Following this capital increase, IRATA LLC will hold 48.8% of capital and 49.1% of voting rights, compared to 42.63% of capital and 42.82% of voting rights previously. After this conversion, the principal amount of loans remaining granted by IRATA LLC to Atari SA and its subsidiaries stands at approximately €51 million.
The completion of these transactions is expected within the coming days, at settlement-delivery of the new shares.
