Esports Entertainment to price $15 million 10% redeemable convertible preferred stock due 2026

By Abigail W. Adams

Portland, Me., Nov. 3 – Esports Entertainment Group Inc. plans to price $15 million, or 1.5 million shares, of $10-par 10% series A cumulative redeemable convertible preferred stock due 2026, according to a company news release.

Maxim Group LLC and Joseph Gunnar & Co., LLC are bookrunners for the registered offering, which carries a greenshoe of $2.25 million, or 225,000 shares.

The convertible preferred stock is freely convertible at conversion price of $17.50.

It is callable on or after Jan. 1, 2023 at a redemption price of $11.00.

The preferreds are subject to a mandatory redemption at $11.00 per share upon a change of control.

The preferred stock will be listed on the Nasdaq under the ticker “GMBLP.”

Proceeds will be used to make the second payment in the securities purchase agreement entered into with Gameday Group plc and for general corporate purposes.

Esports Entertainment is a Hoboken, N.J.-based e-sports and online gambling company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.