Last week, Super League Gaming announced the sale of 1.5 million shares of common stock valued at the price of $9.00 per share. Gross proceeds from the offering are expected to exceed about $13.6 million.
Super League Gaming is a global leader in esports entertainment and competitive video gaming. According to Globe Newswire, the money generated from the offering will be used for working capital and general corporate purposes.
Ann Hand is the CEO of Super League Gaming. She said, “these funds help strengthen our balance sheet, giving us more flexibility to execute our business plan and consider a number of growth opportunities as they arise.”
Super League Gaming was founded in 2015 with the goal of running esports competitions. Its most famous event, City Champs, features tournaments in League of Legends, Minecraft, and Clash of Clans.
The Profit‘s Take:
These funds are “strengthening” a nonexistent business plan and vision. It’s just more money that the management will squander.