Esports Entertainment converts $3.8M Series C into 8.8M shares; misses approval deadline

ESPORTS ENTERTAINMENT GROUP, INC.

Converted $3,825,947 Series C preferred into 8,755,749 common shares at 90% of lowest 10-day VWAP.
Shares outstanding rose to 14,332,080 as of Aug 3, 2023; ~$11.1M Series C principal remains.
Obligation to increase dividends by $1,127,148 due to conversion price below $0.44 floor.
Will miss Aug 15, 2023 stockholder approval deadline under Series D SPA; penalty risk.
Filing failure under Registration Rights Agreement triggers 0.5% monthly penalty on Series D purchase price.

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