Devolver Digital, Inc.

("Devolver Digital" or the "Company")

Block listing application

Devolver Digital (AIM:DEVO), an award-winning digital publisher and developer of indie video games, announces that an application has been made to the London Stock Exchange for a block listing of securities in respect of a total of 40,481,490 shares of common stock par value $0.0001 each in the capital of the Company (the "Shares").

The block listing application will be used to facilitate the admission of Shares to trading on AIM which are to be issued following: (i) the exercise from time to time of certain outstanding options which had been previously granted pursuant to the Devolver Digital, Inc. 2017 Equity Incentive Plan (a total of 40,157,075 Shares); and (ii) the exercise from time to time of certain warrants which had previously been granted to subscribe for a further 324,415 Shares ("Exercises").

The Company may satisfy the Exercises (whether in part or in whole, as the case may be) by the issue of new Shares or by the transfer of certain of the 37,244,200 shares of common stock which it currently holds in treasury.

It is expected that admission of the Shares will become effective on or around 17 May 2022.

When issued or transferred, the Shares will be credited as fully paid and will rank pari passu in all respects with the existing shares of common stock par value $0.0001 each in the capital of the Company.

The Company will make six-monthly announcements of the utilisation of the block admission, in line with its obligations under Rule 29, and include information required by Schedules 6 and 7, (as appropriate), of the AIM Rules.

At the time of this announcement, the Company has 442,256,716 shares of common stock par value $0.0001 each in issue and outstanding (excluding treasury shares). This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the disclosure obligations in the Company's Bylaws which broadly replicate rule 5 of FCA's Disclosure Guidance and Transparency Rules.

About Devolver Digital

Devolver is an award-winning video games publisher in the indie games space with a balanced portfolio of third-party and own-IP. Devolver has an emphasis on premium games and has published more than 90 titles, with more than 30 titles in the pipeline scheduled for release over the next two years and beyond. Devolver has in-house studios developing first-party IP titles and a complementary publishing brand. Devolver is registered in Wilmington, Delaware, USA.

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