tinyBuild shares jumped on Friday as bargain hunters stepped in after a dramatic selloff yesterday.
The premium video games publisher lost around three-quarters of its value yesterday after warning performance was being detrimentally impacted by changes to games platforms and disappointing activity in two game titles.
“As CEO and a major shareholder, I am disappointed with the H1 performance. What fills me with confidence is that we have an incredibly strong pipeline of new games under development with the potential to create multiple new long-lasting franchises,” said Alex Nichiporchik, Chief Executive Officer of tinyBuild
“Our diverse portfolio, strong back catalogue and financial position will allow us to reposition the Company for growth and capture advantageous opportunities when peers may be forced to retrench. We are transforming the Company at speed to adapt to new industry trends.”
tinyBuild reduced their expectations for cash balances at the end of 2023 to $10-20m, a reduction of prior guidance of at least $26.5m.
With a current market of £14.9m, the company is trading at the value of predicted cash balances at the end of the year, completely discounting its operations and revenue generation capabilities.
tinyBuild shares were trading 16% higher at 8.5p at the time of writing.
tinyBuild released the results of their AGM on Friday, where all resolutions were passed apart from a resolution to allow their CEO to buy shares up to a 45% stake in the company without extending the offer to wider shareholders.