Latest update: As of July 6, 2022, Vespa has applied with the court for corporate rehabilitation.
Since early this year, we have reported on Korean developer Vespa facing financial difficulties. According to various sources, on July 1st, the King’s Raid developer’s CEO held a townhall meeting with 105 employees at the company headquarters to announce the dire situation they are in. As such, the CEO recommended voluntary resignation to everyone, with the official letter being sent out on the same day. While salary for May has been transferred, the salary for June is delayed.
The development of King’s Raid 2 is said to be at 70% completion, with the management hoping that revenue from King’s Raid and Time Defenders will sustain the project. It was also mentioned that only a skeleton team will remain at Vespa to manage the 2 active games. Vespa’s CEO noted that attracting new investments “became difficult.” The financial situation of Vespa is mainly due to big projects which happened over the past few years, including opening a new Japan office and mass hiring for the Shining Force mobile game.