The letter notes that the last 12 months have become a complete disappointment for investors, and after the release of Cyberpunk 2077, the company’s shares have collapsed by 57% – they have lost more than $ 6 billion in price.
The fund believes that the studio jumped over its head and even after several transfers could not release a quality product, which is why Sony withdrew the game from sales and after almost 6 months still has not returned it to the PS Store.
“I doubt that even deliberately as many mistakes can be made as these people have made. This is truly shocking“.
If Kichinsky and Ivinsky are not replaced, then Abri Advisors will agitate other shareholders for replacing the board of directors of CD Projekt – this will require about 60% of the votes. However, this is unlikely, since many of the company’s shares (at least 34%) belong to its managers, including Ivinsky. The closest shareholder by stake is NN Group NV with 4.2%.
The fund also wants to see the release of a roadmap to remedy the situation, from restoring lost shareholder reputation to rebuilding relationships with ordinary players.
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