GMBL - Esports Entertainment stock slumps 19% on pricing $15M stock and warrants offering
Esports Entertainment Group (NASDAQ:GMBL) is down 18.9% after hours after the firm has priced its previously announced underwritten public offering of 15M shares of common stock and accompanying warrants to purchase 15M shares of common stock for gross proceeds of ~$15.0M. Each share of common stock is being sold together with one common warrant at a combined effective offering price of $1.00. The common warrants will be immediately exercisable at a price of $1.00/share of common stock and will expire five years from the date of issuance. Underwriters' over-allotment is additional 2.25M shares of common stock and/or additional warrants to purchase up to 2.25M shares of common stock. Offering is expected to close on or about March 2, 2022. Net proceeds will be used for working capital and to repay a portion of its outstanding senior convertible note.
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Esports Entertainment stock slumps 19% on pricing $15M stock and warrants offering