Super League Gaming raises $5.36M via Series A Convertible Preferred Stock offering

On November 22, 2022, the Company filed the Series A Certificate of Designation, designating 5,359 shares of Series A Preferred in connection with the Offering.

On November 22, 2022, Super League Gaming, Inc. (the “ Company ”) entered into subscription agreements (each, a “ Subscription Agreement ” and collectively, the “ Subscription Agreements ”) with accredited investors relating to an offering (the “ Offering ”) with respect to the sale of an aggregate of 5,359 shares of newly designated Series A Convertible Preferred Stock, par value $0.001 per share (the “ Series A Preferred ”), at a purchase price of $1,000 per share, for aggregate gross proceeds to the Company of approximately $5.36 million.

The Company and the investors in the Offering also executed a registration rights agreement (the “ Registration Rights Agreement ”), pursuant to which the Company agreed to file a registration statement covering the resale of the shares of Common Stock issuable upon conversion of the Series A Preferred within sixty days following the final closing of the Offering and to use its best efforts to cause such registration statement to become effective within 90 days of the filing date.

The Company entered into a Placement Agency Agreement (the “ Placement Agency Agreement ”) with a registered broker dealer, which acted as the Company’s exclusive placement agent (the “ Placement Agent ”) for the Offering. Pursuant to the terms of the Placement Agency Agreement, in connection with the initial closing of the Offering, the Company paid the Placement Agent an aggregate cash fee of $535,900, non-accountable expense allowance of $160,770 and will issue to the Placement Agent or its designees warrants (the “ Placement Agent Warrants ”) to purchase 1,253,314 shares of Common Stock at an exercise price of $0.62 per share.