Bulletin from the Extraordinary General Meeting in Fragbite Group AB (publ)

Fragbite Group AB (publ) (“Fragbite Group” or “the Company”) has today, 25 June 2024, held an Extraordinary General Meeting (the “EGM”). The EGM resolved to approve the Board of Directors’ proposal to amend the Articles of Association and to issue units with preferential rights for the Company’s existing shareholders, as well as to grant the Board of Directors an issue authorization. Notice of the Extraordinary General Meeting and complete proposals are available on the Company’s website, www.fragbitegroup.com.

Fragbite Group announces changes in the management team

Fragbite Group AB (publ) (”Fragbite Group” or “the Company”) has today made changes to group management upon the request of Anders Rössel to resign from his position as CFO and Head of M&A. Inger Hasselberg, currently Head of Financial Control for the Company, has been appointed acting CFO and member of the management team.

Marcus Teilman resigns from the position of CEO at his own request

Today, CEO Marcus Teilman informed the Board of Directors of Fragbite Group AB (publ) (“Fragbite Group” or the “Company”) that he wishes to terminate his employment. The Board has accepted his request and appointed Chairman Stefan Tengvall as interim CEO. Stefan Tengvall will step down as Chairman of the Board but will remain a board member. Current board member Sten Wranne will assume the role of Chairman of the Board.

Fragbite Group declares subsidiary Fall Damage Studio bankrupt

The board of directors of Fragbite Group AB publ (“Fragbite Group” or the “Company”) has today, on 23 May 2024, resolved to declare bankruptcy for its subsidiary Fall Damage Studio AB (“Fall Damage”). The ongoing process of entering into an agreement with a publisher for the game ALARA Prime has not yet been completed, which has led to an unsustainable financial situation for Fall Damage. As a consequence, the board of directors of Fragbite Group has determined that the subsidiary will not be able to pay its debts as they fall due and that this inability is not temporary, which is why the board has decided to file for bankruptcy for Fall Damage. The publicly listed parent company Fragbite Group and other subsidiaries in the Group will continue operations without interruption.