Esports Entertainment Group raises $2.15M in December 2022 offering, issues super-voting preferred stock to management

ESPORTS ENTERTAINMENT GROUP, INC.

Sold 7,065,000 common shares and pre-funded warrants for 17.85M shares to institutional investor at $0.0937 each.
Net proceeds ~$2.15M; 50% ($1,073,343) remitted to investor for interest on Senior Convertible Note.
Issued 100 Series B Preferred shares to management for $1,000; each carries 25M votes only on reverse stock split proposal.
Series B Preferred is non-convertible, pays no dividends, and is redeemable at Board's discretion or upon reverse split approval.
Offering made under effective Form S-3 shelf registration (No. 333-252370).

item 1.01 item 3.02 item 3.03 item 5.03

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.5

ESPORTS ENTERTAINMENT GROUP, INC. entered into Securities Purchase Agreement with Unknown (effective 2022-12-21).

Action: entry
Agreement: equity purchase
Effective: 2022-12-21

Exact text from the filing

Description 3.1 Certificate of Designation of Series B Preferred Stock 4.1 Form of Warrant, dated December 21, 2022 5.1 Opinion of Westward Law Group 5.2 Opinion of Holland & Knight LLP 10.1 Securities Purchase Agreement, dated December 21, 2022 10.2 Subscription and Investment Representation Agreement, dated December 20, 2022 23.1 Consent

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ESPORTS ENTERTAINMENT GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001493152-22-036591

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