Esports Entertainment Group effects 1-for-400 reverse stock split, reduces authorized shares

ESPORTS ENTERTAINMENT GROUP, INC.

Reverse stock split 1-for-400 reduces outstanding shares from ~426M to ~1.065M.
Authorized shares reduced from 500M to 1.25M; company will seek stockholder approval to increase.
Nasdaq Panel granted exception until Jan 24, 2024 to demonstrate bid price compliance.
Reverse split effective Dec 21, 2023; no fractional shares issued (rounded up).
Adjustments made to conversion prices for Series C and D preferred stock and warrants.

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 Change to effect a 1-for-400 reverse stock split and decrease authorized shares from 500 million to 1.25 million (effective 2023-12-21).

Change: charter amendment
Effective: 2023-12-21

Exact text from the filing

On December 22, 2023, Esports Entertainment Group, Inc. (the “Company”) filed a Certificate of Change (the “Certificate of Change”) with the Secretary of State of the State of Nevada to (i) effect a 1-for-400 reverse stock split (the “Reverse Stock Split”) of the Company’s issued and outstanding shares of common stock, par value $0.001 per share (the “Common Stock”), and (ii) decrease the number of total authorized shares of Common Stock from 500 million shares to 1.25 million shares.

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ESPORTS ENTERTAINMENT GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-045996

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