Super League Gaming raises ~$1.025M via Series AA-3 Preferred; executives receive option repricing

Super League Enterprise, Inc.

Sold 1,025 shares of Series AA-3 Convertible Preferred at $1,000/share for ~$1.025M gross proceeds.
Initial conversion price set at $0.475 per share of common stock; automatic conversion after 24 months or by 51% holder consent.
CEO Ann Hand, CEO Matthew Edelman, and other executives had underwater options/warrants cancelled and re-granted at $0.49 exercise price.
Executives received new PSUs vesting upon 60-day VWAP targets of $0.80 to $1.60 per share.
Employee option cancellation of 584,438 shares replaced with 1,356,000 new options at $0.4905 per share.

item 1.01 item 3.02 item 5.02 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Super League Enterprise, Inc.: Filed Series AA Certificate of Designation designating 1,025 shares of Series AA Preferred Stock (effective 2023-04-28).

Change: charter amendment
Effective: 2023-04-28

Exact text from the filing

On April 28, 2023, the Company filed the Series AA Certificate of Designation, designating 1,025 shares of Series AA Preferred in connection with the Offering.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Super League Enterprise, Inc. entered into Subscription Agreements with accredited investors valued at aggregate gross proceeds of approximately $1,025,000 (effective 2023-04-28).

Action: entry
Agreement: equity purchase
Counterparty: accredited investors
Value: aggregate gross proceeds of approximately $1,025,000
Effective: 2023-04-28

Exact text from the filing

On April 28, 2023, Super League Gaming, Inc. (the “ Company ”) entered into subscription agreements (each, a “ Subscription Agreement ” and collectively, the “ Subscription Agreements ”) with accredited investors with respect to the sale of an aggregate of 1,025 shares of newly designated Series AA-3 Convertible Preferred Stock, par value $0.001 per share (the “ Series AA Preferred ”), at a purchase price of $1,000 per share, for aggregate gross proceeds to the Company of approximately $1,025,000 (the “ Offering ”).

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42 governance changes filed in the last 30 days. Browse all governance changes →

Super League Enterprise, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-012602

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