Esports Entertainment sells Bethard for ~€9.5M; amends convertible note, debt reduced to $15.5M

ESPORTS ENTERTAINMENT GROUP, INC.

Bethard business sale to Gameday PLC for ~€9.5M (€1.65M cash + release of ~€6.5M contingent liability).
Amendment to note increases principal $2.95M; requires 50% of sale proceeds be deposited for debt holder.
Debt reduced from $32.2M to $15.5M prior to amendment via conversions of note to common stock.
Material non-cash goodwill impairment on iGaming reporting unit for Q2 ended Dec 31, 2022.
Company will focus on Lucky Dino iGaming brands after Bethard sale and Argyll closure.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ESPORTS ENTERTAINMENT GROUP, INC. entered into Share Purchase Agreement with Gameday Group PLC valued at Total purchase consideration of approximately €9.5 million (approximately $10.2 million) comprised o (effective 2023-02-14).

Action: entry
Agreement: asset purchase
Counterparty: Gameday Group PLC
Value: Total purchase consideration of approximately €9.5 million (approximately $10.2 million) comprised o
Effective: 2023-02-14

Exact text from the filing

On February 14, 2023, Esports Entertainment Group, Inc. (“Company”) and Gameday Group PLC (“Purchaser”) entered into a share purchase agreement (“Purchase Agreement”) for the sale of the Company’s Bethard business, an online operator of casino and sportsbook brands that is licensed in Malta and Sweden.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ESPORTS ENTERTAINMENT GROUP, INC. amended Amendment and Waiver Agreement with Debt Holder valued at Increases principal balance of Senior Convertible Note by $2.95 million; requires deposit of 50% of (effective 2023-02-16).

Action: amendment
Counterparty: Debt Holder
Value: Increases principal balance of Senior Convertible Note by $2.95 million; requires deposit of 50% of
Effective: 2023-02-16

Exact text from the filing

The Company entered into an Amendment and Waiver Agreement (“Amendment”) on February 16, 2023 as a condition to the closing of the sale of the Bethard business.

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ESPORTS ENTERTAINMENT GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-005379

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