Fig “Psychonauts 2” Equity Crowdfunding Campaign Delayed by SEC Requested Clarifications

Last month, Double Fine closed the crowdfunding campaign on Fig for its highly anticipated video game, Psychonauts 2.  According to the campaign page, the initiative raised over $3.8 million from 24,000 backers. A portion of the funding is part of an equity crowdfunding offer under Regulation A+, a relatively new securities exemption that allows anyone to purchase pre-IPO shares in a company.  Reg A+ allows issuers to raise up to $50 million in what has been described as a mini-IPO type offer. The popularity of Psychonauts creates an intrinsic base of investors that may help to fund the company’s growth. Unfortunately it appears the equity portion has not been released to Double Fine as the SEC has requested certain clarifications.

UPDATE: Not So Fast: Fig CEO Says No Delays in SEC Process. Everything on Track for Psychonauts 2

Psychonauts 4According to a report in Polygon, the campaign raised $1,954.524 in rewards-based funds as well as $1,874,500 in equity investments. The rewards portion has been dispersed but the $1.874 million remains in limbo.

The new crowdfunding platform shared in an email:

“The SEC filing must be qualified before we can collect the investment reservations placed by unaccredited investors. We received commented back from the SEC on January 17th, which was 26 days after we made our filing, and the number of comments we received were low. As a result, we currently expect to be able to complete the unaccredited process in the next 4 to 8 weeks.”

Fig also reported that the majority of reward-based backers contributed an average of $81 to the campaign, while the investors gave anywhere between $500 and $2,000.

Representatives commented:

Psychonauts 3“We already emailed all the investors with an update letting them know we’ve received comments back from the SEC and outlining next steps. Once the filing is qualified, they can complete their investment profile, which includes collecting [banking and wire transfer information], and sign the final investment documents. Once that’s complete, money is transferred, their shares are qualified and we collect info on where to send their payments.”

Double Fine shared with Polygon that the total budget for Psychonauts 2 was between $10 and $13.5 million. The funds are coming from the studio itself, the Fig campaign and an unnamed investor.

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