ESPORTS ENTERTAINMENT GROUP, INC. (GMBL): M&A transaction — Esports Entertainment completes sale of Bethard Business for $8.1M total consideration

ESPORTS ENTERTAINMENT GROUP, INC.

Total consideration of $8,090,965 includes €1.65M cash, €150K holdback, and settlement of €5.87M contingent consideration liability.
Purchaser Gameday Group PLC assumed net working capital of ~€1.24M ($1.31M).
Pro forma net loss for six months ended Dec 31, 2022 reduced from $18.3M to $13.7M after removing Bethard's results.
Post-closing, $19.26M of Senior Convertible Note principal converted to common stock, reducing debt.
Reverse stock split of 1-for-100 effective Feb 22, 2022 reflected in pro forma adjustments.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ESPORTS ENTERTAINMENT GROUP, INC. completed a disposition involving Gameday Group PLC for $8,090,965 (closed 2023-02-24).

Action: disposition
Counterparty: Gameday Group PLC
Consideration: $8,090,965
Closing: 2023-02-24

Exact text from the filing

the sale of Prozone Limited with the Bethard Business herein referred to as the “Sale of the Bethard Business).” The purchase consideration was determined by the Company to be $8,090,965 comprised of cash received on the Closing date of €1,650,000 ($1,739,882 using exchange rates in effect on the Closing Date), holdback consideration, of €150,000 ($158,171 using

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Source: SEC EDGAR

accession 0001493152-23-006598

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