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Noodle Cat Raises $4.1 Million in Funding

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Noodle Cat Games has officially announced that they have raised $4.1 million in seed funding as they aim to build a new studio centered around “a flexible, iteration-based development model rooted at the intersection of trust, creativity and empathy.”

The funding round was led by Makers Fund, with participation from 1Up Ventures and Epyllion

The studio was co-founded by Epic Games veterans such as former Epic lead systems designer David Hunt, former Epic principal programmer Michael Noland, and former Epic head of publishing Ed Zobrist, who will fill the roles of CEO, CTO, and business advisor, respectively, at Noodle Cat.

Their team is also composed of former talent from EA, Bioware, Popcap, and Flying Lab Software.

“Our industry is notorious for demanding immense personal sacrifices in order to get a game to the finish line,” CEO David Hunt said, according to an official statement issued on the Noodle Cat website.

“Usually, it’s not malicious. The time pressure and fleeting nature of financial success make it easy to stack one seemingly minor sacrifice on top of another. I’ve seen this grind too many coworkers to dust. In one heartbreaking case, I lost a friend and mentor to heart failure far too early in his life, due to overwork.”

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GameStop Continues Troubling Trend in Q3

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GameStop continues to see a dip in sales and Q3 data shows that the company is not showing that it can climb out of the troubling spot it has been in for the last few years, according to the company’s financial report.

The numbers demonstrate the financials for the three month period that ended on October 29th, 2022.

The numbers:

  • Net sales: $1.2 billion, down 8% year-over-year
  • Net loss: $94.7 million, down 10% year-on-year
  • Hardware and accessories: $627 million, down 6% year-over-year
  • Software: $352 million, down 19% year-over-year
  • GameStop’s net loss was down 10% compared to the same period last year, but still hit $94.7 million
  • Sales decreased across the board

In an earnings call (as transcribed via Seeking Alpha), Gamestop CEO Matt Furlong stated that the company would not provide “formal guidance at this time.”

“It is worth reiterating, however, that our goal is to achieve profitability in the near term,” he said.

“I want to finish by reiterating what we’ve said in the past. We’re attempting to accomplish something unprecedented in the retail sector. We’re seeking to transform a legacy brick-and-mortar business that was on the brink of bankruptcy into a retailer that meets customers’ needs through our stores, e-commerce properties and emerging sales channels. This path carries risk and is taking time, but it is the path we are on. With that said, GameStop is a stronger business today than at any time in the recent past.”

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Embracer Approved to Trade on Nasdaq Stockholm

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Embracer Group

Embracer Group has officially been approved to trade on Nasdaq Stockholm, which is the main market for Nordic companies, and the company’s first day of trading on the market will happen on December 22nd.

Embracer was previously trading on Nasdaq First North Growth Market, where they have been listed since November 2016 under the name THQ Nordic AB, and its last day there will be December 21.

“The rationale for the listing in 2016, and the related capital raise was, among other things, to finance growth, facilitate the possibility of using the company’s shares as a means of payment in acquisitions, and strengthen the company’s profile and brand among investors, customers and within the sector in general,” the company said in an official announcement.

“The listing of the company’s class B shares on Nasdaq Stockholm is an important step in [its] continued development and has been a long-standing ambition of the company’s board of directors and management,” it continued.

“In addition to the fact that the listing on Nasdaq Stockholm provides a quality stamp for the company, the listing is also expected to make the company’s class B shares even more attractive as a means of payment, which may facilitate future acquisition discussions. Furthermore, the listing on Nasdaq Stockholm is expected to better reflect the maturity of the company from a capital market perspective and enable more institutional investors to invest in the Company’s class B shares.”

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FTC Reportedly Considering Lawsuit Over Microsoft Activision Deal

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The Federal Trade Commission is reportedly considering filing an antitrust lawsuit against Microsoft’s acquisition of Activision Blizzard and a potential suit could be underway as soon as next month, according to Politico.

Furthermore, the lawsuit may seek to block the record-breaking deal, according to sources in the report who also said that the FTC’s four commissioners are yet to vote on a complaint or meet with lawyers, but the bulk of the investigation has been completed.

A lawsuit is not guaranteed and the FTC has not made any formal announcements at this time.

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