Business
Trading Update and Litigation Settlement
Trading Update and Litigation Settlement.
About this update from Tinybuild Inc.
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, TO OR FOR THE ACCOUNT OR BENEFIT OF US PERSONS, AS DEFINED IN REGULATION S PROMULGATED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE \"US SECURITIES ACT\"), OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended (together, \"MAR\"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n5 December 2023\n \ntinyBuild, Inc\n(\"tinyBuild\" or the \"Company\")\n \nTrading Update and Litigation Settlement\nNear-term options to strengthen the balance sheet under active consideration\n \ntinyBuild (AIM:TBLD), a premium video games publisher and developer with global operations, provides an update on trading and a litigation settlement.\n \nHighlights\n● Current trading below expectations in Q4, after unusually weak trading in October and FY23 revenues are now likely to be between $40-50 million1\n● Versus Evil continues to underperform with the delay of three out of four games into 2024\n● Cash position of $5.7 million at the end of November, with no debt, and expected to be below previous expectations of $10-20 million at end of December 2023\n● $3.5 million Global Settlement Agreement (in addition to legal costs) in respect of claims made by the Founder of Versus Evil\n● Accelerated cost action to re-align investments with expected revenues\n● Company is exploring near-term options to strengthen the balance sheet. CEO and founder Alex Nichiporchik confirming support for the Company and willingness to underwrite, subject to shareholder approval, a future equity fundraise of up to $10 million\n● Company intends to offer shareholders and other investors the opportunity to participate in any such potential equity fundraise and will provide a further announcement as and when appropriate\...