Intellivision Entertainment Is On The Verge Of Going Bankrupt
Things are not looking good over at Intellivision Entertainment. The beleaguered retro console maker still hasn't announced a release date for the Amico, and it has just lost its CEO. Now, a new SEC filing shows that the company is in dire financial straits.
The SEC document reveals Intellivision is offering $5 million in common stock in order to raise desperately needed funds. As noted by GamesIndustry.biz, the filing reveals Intellivision would be able to operate for about one or two months if it were to raise $10,000 in stock, whereas the full $5 million would allow it to continue operations for "seven to nine months."
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It should be noted that the filing doesn't disclose whether that $5 million will even get Intellivision to a release date for the Amico. The retro console was first announced in 2018 with a 2020 release date, which was then pushed back to late 2021 thanks to the pandemic. It’s now 2022 and there has been no update on the Amico’s status.
Because this is an official filing, Intellivision has to be brutally honest with any potential investor. The SEC filing notes, "It is possible that there may never be a fully operational Intellivision Amico." Additionally, Intellivision "may never have an operational product or service."
So how will Intellivision provide a return on this $5 million investment? Well, it very well may never. The document also states that anyone willing to invest in the company at this point must be able to "afford the loss of their entire investment." Which basically means the company is on its last legs and needs a huge windfall to keep operating. And even if it gets one, there’s no guarantee that it’ll even create a product capable of making
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