EBET does not expect to meet requirements on liquidity covenant

Chicago, June 12 – EBET, Inc. warned that it is unlikely to cure a covenantal default relating to a $30 million loan with CP BF Lending, LLC before June 20, according to an 8-K filing with the Securities and Exchange Commission.

The company is supposed to meet certain minimum liquidity and other financial covenants and other covenants.

The lender has provided several waivers, most recently on June 9.

EBET does not expect much will change before June 20 and that the lender may likely stop granting waivers.

The company hopes to negotiate a forbearance letter before June 20 to avoid the lender calling the loan.

On June 8, the company’s board of directors established a committee of independent directors to review and evaluate potential strategic alternatives.

EBET is a Las Vegas-based provider of esports wagering products and technology.

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