The two Polish developers can work on joint projects before deciding on a possible corporate combination. The agreement was signed on October 8 and disclosed on October 12.
Iron Wolf Studio has signed a framework agreement with Pixel Trapps to work together on gaming projects using FinTech and Web3 technologies. According to the company’s October 12 ESPI filing, the contract was signed on October 8 and allows operational cooperation to begin before due diligence is completed and a final decision is made on a potential corporate combination.
The agreement sets out how joint projects will be managed. The filing names no first game, total investment amount or release date. It also reports no completion of the merger or share-exchange options outlined earlier.
Budgets and ownership will be settled project by project
Each project will require a separate annex to the framework agreement. The annexes will specify the scope of work, each studio’s responsibilities, schedules and milestones, budgets and funding sources. Intellectual property ownership, publishing arrangements and the order in which proceeds are distributed will also be agreed individually.
Both companies retain their existing intellectual property. Including an existing game or technology in a joint project does not by itself transfer ownership. Unless a project annex provides otherwise, choosing a publisher and agreeing the main terms of a publishing contract will require both companies’ consent. Each studio will have the right to audit the accounts of their joint projects.
Despite the Web3 focus, the filing identifies no blockchain network, new token or NFT sale. It does not set out what rights players might receive through game assets. The disclosed intellectual property provisions govern ownership between the developers.
August’s negotiations left two possible transaction structures
The companies first announced their intention to build a FinTech/Web3 gaming studio in an August 18 letter of intent. One option would allow Pixel Trapps shareholders to contribute their stakes to Iron Wolf in exchange for newly issued Iron Wolf shares. The alternative is a merger under a plan agreed by both companies.
The letter sets a target of November 30, 2026, for signing an investment agreement, with an extension possible by written agreement. Completion depends on satisfactory legal, financial, tax, technology and business due diligence, the required corporate approvals and preparation of valuation documents. The commitment to complete the transaction or sign an investment agreement is non-binding, while provisions including confidentiality and exclusivity are binding.
Operational cooperation does not settle the merger. The new framework leaves August’s letter of intent unchanged. Permission to start joint gaming projects does not mean that the companies have merged or completed a share exchange.
The framework agreement has no fixed end date and can be terminated with six months’ notice. Termination does not end ongoing projects. Grounds for immediate termination include a material breach that remains unresolved 30 days after notice.
The post below is Pixel Trapps’ August 18, 2026 announcement of the letter of intent, rather than a statement about the contract disclosed on October 12.
Pixel Trapps’ August 18 cooperation announcement
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