Maulbeck had become frustrated after his studio's game was incorrectly given an Early Access label while advertised on Steam.
In a series of tweets, the Code Avarice co-founder made disparaging remarks about the PC platform, before issuing the now-deleted death threat. The game was subsequently removed from Steam.
In a statement on the Code Avarice website, Maulbeck has apologised for what he described as a sarcastic remark.
"Yesterday, Paranautical Activity released out of Steam Early Access, and following some confusion about the state of the game I became frustrated with Steam, and tweeted a series of angry tweets that ended in me sarcastically saying I was going to kill Gabe Newell," he stated.
"A statement I obviously didn't mean but was regardless completely unacceptable.
"As a result of my actions, Paranautical Activity, a game made by 4 or 5 people depending on who you count as team members, was removed from Steam.
"I feel it is my responsibility to step down from Code Avarice completely so that Steam has no reason to harbour any more ill will towards the company, and maybe even if we can't see Paranautical Activity restored, at least future Code Avarice games may be allowed onto the platform."
Maulbeck has sold his stake to business partner Travis Pfenning.
In a series of posts on Twitter, Pfenning said that he doesn't agree with Maulbeck's decision to leave, describing the situation as "ludicrous" and arguing that everybody makes mistakes.
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