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2021-07-07

The offering in Fragbite Group prior to listing on Nasdaq First North Growth Market was heavily oversubscribed, 788 percent of the Offering

CANNOT BE PUBLISHED, RELEASED, DISTRIBUTED, DIRECTLY OR INDIRECTLY, WITHIN OR TO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, SINGAPORE, HONG KONG, JAPAN OR SOUTH AFRICA OR IN ANY OTHER JURISDICTION WHERE PUBLICATION OR DISTRIBUTION OF INFORMATION MAY NOT BE COMPATIBLE BY LAW OR REQUIRE REGISTRATION OR OTHER ACTIONS.

Fragbite Group AB (publ) (“Fragbite Group” or “the Company”) is a fast-growing group that provides and develops games and operates an e-sports platform. The Company pursues a global expansive growth strategy, primarily based on acquisitions, primarily in mobile gaming and e-sports. The Company's board of directors has decided to distribute ownership of the Company's shares through the issue of a maximum of 3,750,000 new shares corresponding to approximately SEK 15.0 million (the "Offering"). The Offering has received great interest among professional investors in Sweden as well as the general public in Sweden, Denmark and Finland. The Offering generated a total demand exceeding SEK 118 million, which corresponds to approximately 788 percent of the Offering. As a result of the high demand, the Company's board of directors has decided on an extension option (the “Extension Option”) consisting of an additional 1,250,000 newly issued shares and that the possibility of over-allotment (the “Over-allotment Option”), consisting of an additional 750,000 newly issued shares, corresponding to SEK 3.0 million, will be used. As a result of the Offering (including the Extension Option and the Over-allotment Option), the Company will gain approximately 600 new shareholders. Trading on the Nasdaq First North Growth Market is expected to begin on Monday, July 12, 2021.

The Offering in short:

  • The price in the Offering was, as previously communicated, SEK 4.00 per share (the “Offering Price”), which corresponds to a market value of the Company's shares of a total of approximately SEK 329 million after the completion of the Offering (including the Extension Option and the Over-allotment Option).
  • The Offering (including the Extension Option and the Over-allotment Option) consisted of a total of 5,750,000 shares.
  • As a result of the Offering being fully subscribed, the Company's board of directors has decided that the Extension Option will be exercised in full and that the Over-allotment Option will be allotted in full. Fragbite Group may thus receive a maximum of SEK 23 million in gross proceeds, i.e. before deductions for transaction costs that are estimated to amount to approximately SEK 2.7 million. Excluding the Over-allotment Option, SEK 20.0 million is brought to the Company before deductions for transaction costs.
  • The number of shares in the Company will increase by 5,000,000 shares from 76,610,303 shares to 81,610,303 shares, corresponding to approximately 6.1 percent of the total number of outstanding shares and votes in the Company after the completion of the Offering (including the Extension Option). Given that the Over-allotment Option is fully exercised, the number of shares will increase by an additional 750,000 shares, corresponding to 0.9 percent of the total number of outstanding shares and votes in the Company after the completion of the Offering (including the Extension Option and the Over-allotment Option).
  • The new shareholders include Swedish and Nordic investors.
  • The estimated settlement date is July 9, 2021. Trading in Fragbite Group's share on the Nasdaq First North Growth Market is expected to begin on Monday, July 12, 2021. The company's share will be traded under the short name “FRAG” with ISIN code SE0015949334.
  • 24 of the Company's shareholders, including board members and management, have, through an agreement with Skills Corporate Finance Nordic AB, committed to a so-called lock up for shares not sold within the Offering for a period of up to a maximum of 450 days from the first day of trading on the Nasdaq First North Growth Market. The commitments comprise a total of approximately 40.2 percent of the shares and votes in the Company after the Offering (including the Extension Option).

Stefan Tengvall, President and CEO of Fragbite Group
“It is amazing to see the great interest in investing in the growth of our company and we are very grateful for the trust from both institutional investors and the general public. At the same time, I get mixed feelings because many who wanted to participate did not get any shares this time.”

Niclas Bergkvist, styrelseordförande på Fragbite Group
”It is fantastic to see the great interest to join us on the journey to build Fragbite Group. I want to welcome all new shareholders to FRAG!”

Stabilization measures
Fragbite Group will engage a stabilizing agent that may carry out transactions in connection with the Offering in order to maintain the market price of the shares at a level above what could otherwise prevail in the open market. Such stabilization measures may be conducted on the Nasdaq First North Growth Market, the OTC Market or otherwise, at any time during the period beginning on the first day of trading on Nasdaq First North Growth Market and ending no later than 30 calendar days thereafter. However, the stabilizing agent has no obligation to take any stabilization measures and there is no guarantee that stabilization measures will be taken. Under no circumstances will transactions be carried out at a higher price than that stated in the Offering.

The stabilizing agent may use the Overallotment option to over-allot shares to enable stabilization measures. The stabilization measures, if implemented, may be suspended at any time without notice but must be suspended within the above-mentioned 30-day period. The stabilizing agent must publish by the end of the seventh trading day, after stabilization transactions have taken place, in accordance with Article 5 (4) of the Market Abuse Regulation (EU) 596/2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, that stabilization measures have been taken. Within one week after the end of the stabilization period, the stabilizing agent will publish whether or not stabilization measures were taken, the date on which the stabilization was initiated, the date on which the stabilization was last carried out and the price range within which stabilization was carried out for each date on which stabilization measures were implemented.

Advisor
Skills Corporate Finance Nordic AB is the financial advisor to the Company in connection with the Offering. The law firm Lindahl in Malmö AB is a legal advisor to Fragbite Group in connection with the Offering. Avanza Bank AB acts as an issuer regarding the Offering. Redeye AB has been appointed the Company's Certified Adviser on Nasdaq First North Growth Market. Nordnet Bank AB has been acting as a Selling Agent towards retail investors.

For questions, please contact:


Stefan Tengvall, President and CEO
st@fragbitegroup.com
Phone: +46 8 520 277 82

Marcus Teilman, Deputy CEO
mt@fragbitegroup.com
Telefon: +46 8 520 277 82

Certified Adviser:
Redeye AB
Phone: +46 8 121 576 90
E-mail: certifiedadviser@redeye.se

About us


Fragbite Group is a digital gaming entertainment group with subsidiaries active in the mobile games and e-sports industry. The group consists of companies with people who all share the same passion for gaming. The Group is headquartered in Stockholm, Sweden and has physical representation in Alexandria, Egypt and in Montpellier and Nancy, France. The group has two internal game development studios and employs approx. 50 employees. The subsidiaries Funrock Development AB and P Studios AB develop, publish, distribute and market mobile games for the global gaming market. Fragbite AB is one of the Nordic region's leading E-sports media companies that organizes and broadcasts e-sports tournaments live. Playdigious SAS is a publisher that adapts games for mobile devices and develops indie games. For more information, please visit www.fragbitegroup.com

Important information


The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction, neither from Fragbite Group nor from someone else.

This press release does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in new shares. Any investment decision in connection with the Offering must be made on the basis of all publicly available information relating to the Company and the Company’s shares. Such information has not been independently verified by Skills Corporate Finance Nordic AB. The information in this press release is published only as background information and does not purport to be complete. An investor should thus not solely rely on the information in this announcement or its accuracy or completeness. Skills Corporate Finance Nordic AB is acting solely for the Company in connection with the Offering and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the Offering or any other matter referred to herein.

This press release does not constitute a recommendation for any investors’ decisions regarding the Offering. Each investor or potential investor should conduct a self-examination, analysis and evaluation of the business and information described in this press release and any publicly available information. The price and value of the securities can decrease as well as increase. Achieved results do not provide guidance for future results. 
This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States unless registered under the US Securities Act of 1933, as amended (the “Securities Act”), or offered in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and in compliance with applicable United States state law. The securities referred to herein have not been and will not be registered under the Securities Act or under the applicable securities laws of United States, Australia, Canada, New Zealand, Singapore, Hong Kong, Japan, South Africa or any other jurisdiction. The information in this press release may not be announced, published, copied, reproduced or distr...

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