Devolver Digital, the indie publisher behind titles like Cult of the Lamb and Inscryption, is asking shareholders to let it leave the stock market after its share price fell by more than 96%.

The company went public on the AIM market of the London Stock Exchange in 2021, valued at roughly £694.6 million (about US$950 million at the time). As of 5 August 2026, its closing share price sat at £0.16, bringing the company's value down to approximately £34.64 million (about US$46.63 million) — a 96.27% drop from its listing-day valuation (Eurogamer).

Shareholders will vote on whether to delist — that is, remove the company's shares from public trading — at Devolver's annual general meeting on 8 September 2026. If they approve, trading on AIM will cease on 15 September, with the formal cancellation taking effect at 7:00 a.m. UK time on 16 September (GameDeveloper; TechTimes).

In a press release to investors, Devolver said its current share price did not reflect the company's true market value. A spokesperson told GamesIndustry.biz that going private would let the team focus on the long-term health of the company rather than meeting the reporting and performance demands of public markets (Eurogamer). The board believes the move serves the best interests of Devolver, its employees, its partners, and its shareholders.

The company also expects to save around US$1.6 million per year by stepping away from the costs of being publicly traded — fees for listing, auditing, investor relations, and regulatory compliance that public companies must bear.

The road to this point has been a rough one. In January 2024, Devolver announced leadership changes: Harry Miller replaced Douglas Morin as CEO. Revenue for the company's 2023 financial year came in at US$92.4 million, down 31% year-on-year. During 2024, Devolver invested US$30.7 million in software development but made no acquisitions or intellectual property purchases — a striking pause for a publisher that had previously been acquisitive.

For players, the delisting itself changes little in the short term. Devolver remains an independent publisher bringing games to market worldwide. What it loses is the quarterly pressure to justify its existence to the market, and what it gains is the freedom to plan in years rather than in earnings cycles.