GMBL - Esports Entertainment to divest Bethard business amends senior note terms

• Esports Entertainment ( NASDAQ: GMBL ) entered into a share purchase agreement to sell its Bethard iGaming business, operator of online casino and sportsbook brands that is licensed in Malta and Sweden.
• Total purchase consideration is decided at ~€9.5M consisting of €1.65M of cash proceeds payable to the company on closure, with an additional €6.5M of purchase consideration related to company's release from payment of its contingent consideration liability from the Bethard acquisition.
• The purchaser of the Bethard business will also assume liabilities of ~€1.2M.
• The sale of the Bethard business is expected to close during the two-week period post the signing of the Purchase Agreement.
• Separately, the company amended its senior convertible note to increase the principal balance by $2.95M for additional interest and other amounts earlier recorded by the company as liabilities.
• Shares trading 6.4% higher premarket.

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