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Esports Entertainment looks to raise gross proceeds of $30M from a registered direct offering

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Esports Entertainment Group, Inc. (NASDAQ:GMBL) said it has entered into securities purchase agreements with certain institutional investors for the sale of 2,000,000 shares of its common stock at a price of $15.00 each for aggregate gross proceeds of $30 million.

The licensed online gambling company, with a focus on esports wagering and 18+ gaming, said the fund-raising is a registered direct offering priced at-the-market under Nasdaq rules.

READ: Esports Entertainment signs multi-year partnership with Baltimore Ravens to be the NFL franchise’s esports tournament provider

It noted that Maxim Group and Joseph Gunnar & Co., are acting as co-placement agents for the offering.

The offering is expected to close on or about February 16, 2021, subject to the satisfaction of customary closing conditions.

On Thursday,  Esports Entertainment announced that it has signed a multi-year partnership with the Baltimore Ravens to be the NFL franchise’s esports tournament provider. 

As part of the agreement, the company will operate bi-annual esports tournaments for the Ravens utilizing its Esports Gaming League (EGL) platform. 

The Ravens are one of five NFL franchises to win multiple Super Bowls since the turn of the century. Under head coach John Harbaugh, who arrived in 2008, Baltimore has posted the NFL’s fifth-most total victories (140), won the league’s second-most playoff games (11, tied), advanced to an impressive three AFC Championship contests, and in 2012, captured the World Championship in Super Bowl XLVII. The Ravens, who also won Super Bowl XXXV during the 2000 campaign, have made the playoffs in nine of the past 13 seasons — producing four AFC North Division titles during this time (2011, 2012, 2018 and 2019).

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Source: http://www.proactiveinvestors.com/companies/news/941181/esports-entertainment-looks-to-raise-gross-proceeds-of-30m-from-a-registered-direct-offering-941181.html


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