GMBL - Esports Entertainment prices $7.5M securities offering

• Esports Entertainment ( NASDAQ: GMBL ) has priced its previously announced underwritten public offering of 30M shares of common stock and accompanying warrants to purchase 30M shares of common stock.
• Each share of common stock is being sold together with one common warrant at a combined effective offering price of $0.25.
• The common warrants will be immediately exercisable at a price of $0.25/share of common stock and will expire five years from the date of issuance.
• The shares of common stock and the accompanying common warrants can only be purchased together in the offering, but will be issued separately and will be immediately separable upon issuance.
• Underwriters are granted a 45-day option to purchase up to an additional 4.5M shares of common stock and/or additional warrants to purchase up to 4.5M shares of common stock.
• The gross proceeds of the offering are expected to be ~$7.5M.
• Offering is expected to close on or about September 19, 2022.
• Net proceeds from this offering will be used for working capital and to repay a portion of its outstanding senior convertible note.

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