secwatch.observer — SEC 8-K summary
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Issuer:     ESPORTS ENTERTAINMENT GROUP, INC. (GMBL)
CIK:        0001451448
Form:       8-K
Filed at:   2023-05-01T23:59:59+00:00
Accession:  0001493152-23-015056
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 3.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1451448/000149315223015056/0001493152-23-015056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1451448/000149315223015056/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-015056

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer