SPYR Games acquires full ownership of Pocket Starships in cashless deal
| Date | Type | Companies Involved | Size |
|---|---|---|---|
| Sep 12, 2017 | acquisition | Spectacle Games Publisching Inc. SPYR Games | Not applicable |
SPYR Games has acquired 100% ownership of mobile MMO Pocket Starships from its original developer Spectacle Games in a cashless transaction.
Instead of cash, the game's owner will receive 8,000,000 restricted shares of SPYR stock. They also receive 8,000,000 three-year cash-based options exercisable at $0.50 per share.
In exchange, SPYR takes ownership of all assets of Pocket Starships and will receive 100% of the revenues generated by the game in the future. Included in the assets is the game's proprietary engine, which SPYR plans to use to re-skin the game for future releases.
A lot of confience
"All of the parties involved with the development of Pocket Starships have always had a lot of confidence in the SPYR team and we have enjoyed a very productive partnership with SPYR over the past two and a half years," said Spectacle Games CEO and Pocket Starships creator Lars Koschin.
"After investing in the team and the product, we all agreed that selling all of the assets of Pocket Starships to SPYR in an all stock transaction was in everyone's best interest and highlights the confidence that we have in the game’s future success, SPYR's management team as a partner, and further reinforces our belief in the ultimate long-term value of SPYR's stock."
SPYR has acted as the game's publisher since January 2016. It announced back in July 2016 that it had obtained an option to purchase Pocket Starships, which included a clause whereby the original development team would be absorbed into SPYR.
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