General information

The Company adheres to the Finnish Companies Act and the rules of First North in the organization of its administration. The Company does not adhere to the Finnish Corporate Governance Code 2015 recommendations, as it is not justified with respect to the Company’s size and extent of its business.

The administration of the Company is, in accordance with the Finnish Companies Act, divided between the Shareholder General Meeting, the Board of Directors and the Managing Director. The shareholders exercise their rights mainly in the Shareholder General Meeting, which is normally convened by the Board of Directors of the Company. The Shareholder General Meeting shall, in addition, be held if the auditor or Company shareholders, whose shares represent at least one-tenth of all issued shares, which are not in the Company’s possession, demand in writing that a Shareholder General Meeting be held.

The business address of the members of the Board of Directors and the CEO is Juha Vainion katu 2, 48100 Kotka.

Articles of Association (pdf, Official version in Finnish)

Articles of Association (pdf, translation to English)

Board of Directors

The Shareholder General Meeting elects the members of the Board of Directors. The chairman of the Board shall be elected by the Board of Directors. The following persons were elected to the Board of Directors at the Annual General Meeting held on May 15, 2023: Antti Villanen, Johan Biehl, Susana Meza Graham, and Morgan Habedank.

The term of office of each member of the Board of Directors ends at the adjournment of the first Shareholder Annual General Meeting following the election.

As of 15th of May 2023, the Board of Directors comprises the persons set out in the table below:

Name Position Born Elected Independency from Company and larger shareholders
Johan Biehl Chairman of the Board 1983 2019 Yes
Antti Villanen Member of the Board 1973 2008 No, active in the Company
Morgan Habedank Member of the Board 1978 2023 No, represents a large shareholder
Susana Meza Graham Member of the Board 1976 2022 Yes


Johan Biehl, born 1983, Chairman of board since 2020 and member of the Board since March 2019.

Johan Biehl is an investor and has devoted the last ten years to managing his personal investments. Johan is focused on small and micro caps and today has some ten investments in listed and unlisted companies in a variety of industries with a predominance in tech companies. He served on the board of several different First North and Euronext companies during the last five years. Johan has a background as an equity analyst and before going into the financial industry he held several positions in B2B sales and sales management. He has studied economics and business and holds a degree in finance from Stockholm University.

Antti Villanen, born 1973, Co-founder & Member of the board since 2008 and CSO of Nitro Games

Antti Villanen is a digital media and game industry executive with 20 years of board and C-level experience from a more than 20 digital and gaming companies. Before founding Nitro Games, Antti co-founded the digital media studio Nitro FX Oy, where he worked as CEO, Executive Vice President, and board member during during 2000-2009. Before co-founding Nitro FX Oy, Antti worked as Digital Media Director at Sarajärvi& Hellén DDB Oy during 1999-2000 and in various Marketing and Sales-roles at Profectus Finland Oy during 1994–1999. Antti has been a member of the Management Board of the company since 2019.

Morgan Habedank, born 1978. member of the board since 2023.

Morgan Habedank is the CFO for Nordisk Games and has 18 years of experience in the media & entertainment industry. Previous roles include CFO of Nordisk Film Distribution and COO of Vertigo Releasing. Due to his time in the US, the UK, and Denmark, Morgan is experienced in working with global technology and media & entertainment companies at various stages of growth. Additionally, he has experience working with listed and unlisted companies. Morgan holds a Master of Accountancy degree from Brigham Young University and is a Certified Public Accountant in the United States.


Suzana Meza Graham, born 1976. Member of the board since 2022.

Susana Meza Graham has spent 18 years in the games industry. Previous roles include CMO and COO at Paradox Interactive (2004–2018), where she helped build the company from the ground up for 14 years. As part of the management team, she led the company through several phases, including a successful IPO and listing. She is the co-founder & Chairwoman of the independent investment company Aldeon (2020–). Aldeon focuses on games & tech founders in the early stages. Previous board assignments have included Supervisory Board member of international games company Funcom (2018–2020) and board member at the Association of Swedish Game Developers (2014–2017). Current board assignments include Chairwoman of games company Hello There Games (2021–), director of emotionally conscious AI company TRU LUV in Canada (2020–) as well as independent games label Cult Games. She also holds a variety of advisory board positions in games & tech. Susana Meza Graham holds a Bachelor’s degree from Stockholm University focused on international management and marketing.


The founders of Nitro Games have a strong background in managing, consulting and growing companies in the software and technology industry, with a strong focus on the gaming sector during the last decade. This has lead to a wide network within these sectors. The core team of Nitro Games has worked together for almost a decade and has developed and released over 25 international game titles for top tier publishers globally.

The CEO Jussi Tähtinen has 14 years of experience in game design, production and the management of game development teams. Together with a management team with strong knowledge and long experience in programming for various gaming platforms as well as a long history in data-driven product portfolio management, project management and business development in the gaming and mobile industry internationally, Nitro Games has the skills, knowledge and experience to fulfil their strategy in developing and publishing high-quality mobile games for the global mid-core mass market.


Jussi is a games industry veteran who has been developing games for +20 years. He’s the loud and proud CEO & Co-founder of Nitro Games, a versatile leader with experience from development and publishing to company management and funding.


Matti has been the CFO of Nitro Games since 2017 and was before that Nitro’s acting CFO since 2009. Matti is a seasoned leader with 30 years of executive-level experience in trade and logistics, video and mobile games, financials, and ICT and marketing from start-ups and more prominent companies (listed and non-listed companies). Before focusing on investing and business advisory/Board companies through his own company, Matti worked as Development Director at B&B TOOLS Oy, as Development Manager at Ruuska Group Oy, and in various positions at, for example, Valmet Oyj, Sampo Oyj, Pohjola Oy, Shell Oy, and Neste Oyj.


Jussi joined Nitro Games as the COO in 2018. He has over 20 years of experience in the mobile gaming industry in different Executive positions from companies like Rovio, Nokia, RealNetworks, Mr. Goodliving and Chat-Republic Games. During five years at Rovio, Jussi has been publishing and operating several massively successful F2P games. Key strengths with mobile F2P Publishing, Marketing and Live Operations.


Samppa joined Nitro Games in 2007 and has served as the Chief Technology Officer (CTO) since 2014. With robust technical expertise in client and server-side development, Samppa has held diverse roles encompassing programming, technical architecture, leadership, and operative management. Throughout his career, Samppa has worked with various platforms (PC, mobile, consoles) and game engines (Unity, Unreal Engine, proprietary engines), contributing to the release of more than 20 games.


Antti Villanen is a digital media and game industry executive with over 15 years of board and C-level experience from a wide range of digital companies. Before founding NitroGames, Antti co-founded the digital media studio Nitro FX Oy, where he worked as Executive Vice President and board member during 2002-2002 and CEO during 2000-2009. Before co-founding Nitro FX Oy, Antti worked as Digital Media Director at Sarajärvi& Hellén DDB Oy during 1999-2000 and in various Sales roles at Profectus Finland Oy during 1994–1999. Antti has been a member of the Management Board of the company since 2019.

Ownership Structure

The share capital of Nitro Games amounts to EUR 80,000. A total of 24, 924, 364 of the Company’s shares are registered. All Shares belong to the same class of shares.

The following table sets forth ten (10) biggest shareholders of the Company and their ownership as of 28th of June 2024.

The Company is not aware of any arrangements that might result in a change in the control of the Company in the future.

Shareholder Number of shares % of all shares and votes
1 Nordisk Games A/S 6,492,636 26,05
2 Avanza Pension försäkring AB 3,209,852 12,88
3 Jonsson Jimmy 1,047,893 4,20
4 BNY Mellon SA/NV for Jyske W8IMY 875,001 3,51
5 Ivarsson Alexander 815,600 3,27
6 Lejonkula Hakan 355,000 1,42
7 Mattsson Emil 352,972 1,42
8 Erlandsson Daniel 317,696 1,27
9 Turret Ab 315,000 1,26
10 Nordnet pensions försäkring Ab 306,641 1,23
Others 10,836,073 43,48
Total 24,924,364 100,00


A monthly updated table of Nitro Games’s shareholders is available at this link (28th of June 2024).

The table below includes the holdings (privately or through a company) of Shares in the Company as well as holdings of rights entitling to Shares by the members of the Board of Directors and the management board of the Company as of 10 November 2017. The share option program of the management is further described under “Board of Directors, management and auditors – Share option program of the management” in the Company Prospectus.

Stock options plan 1/2022 (pdf)
Stock options plan 2023 (pdf)

Board of Directors Shares  Share Options
 Share Options


Johan Biehl    322,699
Antti Villanen 150,653 20,000 502,854
Morgan Habedank
Susana Meza Graham 2 306,000
Total 779,282 20,000 502,854

2 Advenimus AB is controlled to 100 % by Susana Meza Graham.

Management Shares    Share Options
Share Options
Total Options:
Jussi Tähtinen 122,183 20,000 536,620 556,620
Matti Nikkola ¹    334,242 25,000 123,835 148,835
Samppa Rönkä 37,505 30,000 91,336 121,336
Jussi Immonen 36,356 25,000 287,050 312,050
Antti Villanen 150,653 20,000 502,854 522,620
Total 680,939 120,000 1,541,695 1,661,695

1 The total of shares includes shares which Matti Nikkola controls to 100 % (AjoRanta Group Ab).


Auditors of the company have the audit firm MOORE Vilen Oy and Antti Niemistö, Authorized Public Accountant, as the responsible auditor.

The Annual General Meeting elects the auditor for a financial year at a time. The Board of Directors annually submits to the Annual General Meeting a proposal on the election or re-election of an auditor after assessing the qualifications and independence of the proposed auditor.

Information Policy

Nitro Games’ information policy can be found here.



Juha Vainion katu 2
48100 Kotka


Kaisaniemenkatu 2B
5th Floor
00100 Helsinki

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