Fragbite Announces Acquisition of Fall Damage

Fragbite is poised to take over Fall Damage, the Sweden-based developer of the upcoming competitive free-to-play game Alara Prime. The acquisition involves an initial payment of approximately $1.8 million, which will be used to purchase all outstanding shares in Fall Damage. The payment will be made in two parts: half in cash to an external institutional owner, and the other half in over four million shares valued at $0.21 per share, which will be issued to Fall Damage's founding members. The acquisition is expected to be completed within the next two weeks. According to Marcus Teilman, Fragbite's president and CEO, the acquisition will create significant synergies, leveraging Fall Damage's expertise and the potential of Alara Prime to generate multiple revenue streams. Fall Damage CEO Anders Gyllenberg views the acquisition as the beginning of an exciting new chapter for both companies, providing his team with the opportunity to join a growing group and capitalize on the opportunities in the gaming market. Fall Damage was established in 2017 by veterans of DICE, including Gyllenberg, Mikael Kalms, Markus Nyström, and Dan Vanderlind, who have previously worked on notable titles such as Battlefield 3, Battlefield 4, and Star Wars Battlefront.