- Bragg Gaming ( NASDAQ: BRAG ) enters into a funding agreement for an investment of $8.7M with Lind Global Fund II LP, an investment entity managed by The Lind Partners.
- The funding will be provided in the form of a $8.7M convertible security which will have a face value of $10M.
- The face value of the convertible security will have a 24-month maturity date and can be paid in cash or be converted into common shares of the company at a conversion price equal to 87.5% of the five-day volume weighted average price ("VWAP") immediately prior to each conversion.
- The shares issued upon conversion are subject to a 121-day lock-up period following deal close.
- The funding is secured by assets of the company and certain of its subsidiaries.
- “Importantly, since the beginning of 2021, our focus on enhancing our proprietary content development capabilities and our continued expansion into new regulated iGaming markets, including North America, have driven a significant increase in Bragg’s revenue as well as margin expansion, which has resulted in strong Adjusted EBITDA growth. This is further reflected in our expectation for 2022 full year revenue and Adjusted EBITDA growth of 34% and 46%, respectively. This investment provides capital we intend to deploy in a return-focused manner, to further strengthen our foundation for continued top line and cash flow growth.” said Yaniv Sherman, Chief Executive Officer of Bragg Gaming Group.
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Bragg Gaming secures $8.7M funding for further execution on growth initiatives