March 24, 2020 / 8:43 AM / 9 days ago

BRIEF-Atari Group Adds New Major Shareholder

March 24 (Reuters) - ATARI SA:

* WADE J. ROSEN ACQUIRES 10.46% (9.59% ON A DILUTED BASIS) OF THE ATARI GROUP FROM KER VENTURES

* WADE J. ROSEN WILL BECOME CHAIRMAN OF BOARD OF ATARI GROUP, FRÉDÉRIC CHESNAIS REMAINS AS CEO OF ATARI GROUP

* ATARI STAYS FOCUSED ON ITS ONLINE AND MOBILE BUSINESSES, ATARI VCS PROGRESS REMAINS AS PREVIOUSLY INDICATED AND DEPENDENT ON THE EVOLUTION OF THE CURRENT PANDEMIC

* TRANSACTION WILL CLOSE WITH TRANSFER OF SECOND BLOCK

* KV HAS ALSO GRANTED ROSEN AN OPTION ON A BLOCK OF TEN MILLION (10,000,000) ATARI SHARES, TO BE EXERCISED BETWEEN JULY 21, 2020 AND AUGUST 31, 2020

* ROSEN HAS ALREADY ACQUIRED FROM KV INITIAL BLOCK OF 22,520,000 ATARI SHARES AT EUR 0,3737 PER SHARE, AND WILL ACQUIRE SECOND BLOCK OF 5,480,000 ATARI SHARES NO LATER THAN MARCH 27, 2020, AT SAME PRICE PER SHARE

* ON CORONAVIRUS: CAN HAVE A TEMPORARY IMPACT ON PROFITABILITY OF CURRENT FINANCIAL YEAR

* ATARI SHARES, TO BE EXERCISED BETWEEN JULY 21, 2020 AND AUGUST 31, 2020 (EXTENDED IN EVENT OF A RESTRICTED PERIOD), AT THEN PREVAILING WEIGHTED-AVERAGE STOCK PRICE OF ATARI SHARES, WITH A MINIMUM OF EURO 0,20 PER SHARE AND A MAXIMUM OF EURO 0,50 PER SHARE Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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