Esports Entertainment Group Announces 1-for-400 Reverse Stock Split and Nasdaq Exception

ESPORTS ENTERTAINMENT GROUP, INC.

Board approved 1-for-400 reverse stock split effective at 4:01 PM ET on December 21, 2023, reducing shares from ~426M to ~1.065M.
Common stock to trade on split-adjusted basis under symbol GMBL starting December 22, 2023, with new CUSIP 29667K603.
Nasdaq Hearings Panel granted exception until January 24, 2024, for bid price compliance with $1.00 minimum closing bid for 20 consecutive sessions.
Company intends to seek stockholder approval to increase authorized shares to raise capital for maintaining minimum equity requirements.
Reverse split also adjusts conversion of Series C and D Convertible Preferred Stock and Series A Cumulative Redeemable Convertible Preferred Stock.

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