Esports Entertainment raises ~$4M via Series D Convertible Preferred and warrants

ESPORTS ENTERTAINMENT GROUP, INC.

Sold 4,300 shares Series D Preferred at $1,000/share, common warrants for 1,433,333 shares at $1.96, preferred warrants for 4,300 shares.
Net proceeds estimated at $4M after 7% placement agent fee to Maxim Group LLC.
Series D terms: conversion price $3.00, alternate conversion price 90% of lowest VWAP over 10 days, floor price $0.39, 5-year warrants.
Issuance requires stockholder approval if conversion shares exceed 20% of outstanding common.
Registration rights agreement requires filing within 60 days, effectiveness within 120 days.

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

ESPORTS ENTERTAINMENT GROUP, INC.: Filed a certificate of designation for Series C Convertible Preferred Stock, amending the powers, designations, preferences and other rights of 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 a certificate of designation (the “Series C Certificate of Designations”), with the Secretary of State of the State of Nevada regarding the Company’s shares of preferred stock, par value $0.001 per share, designated as Series C Convertible Preferred Stock, to amend certain powers, designations, preferences and other rights set forth therein.

View on SEC.gov

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

ESPORTS ENTERTAINMENT GROUP, INC. entered into Securities Purchase Agreement with an institutional investor valued at approximately $4,000,000 (effective 2023-04-30).

Action: entry
Agreement: equity purchase
Counterparty: an institutional investor
Value: approximately $4,000,000
Effective: 2023-04-30

Exact text from the filing

On April 30, 2023, Esports Entertainment Group, Inc. (the “Company,” “we,” “our,” and “us”) entered into a securities purchase agreement (the “Securities Purchase Agreement”) with an institutional investor (the “Investor”).

View on SEC.gov

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ESPORTS ENTERTAINMENT GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-015056

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