Mobile Global Esports, which is a platform developer focused on growing collegiate esports in South Asia, is aiming to raise $15 million from an initial public offering of stock. This offering would value the company at $106.9 million. If the business is able to raise this money, the funds will be used to “purchase strategic technology licenses… for working capital purposes.”
The organization said that it plans on selling 2.5 million shares of stock at $6.00 per share, according to a recent filing with the U.S. Securities and Exchange Commission. One million shares of stock will be offered by the company while another 1.5 million shares will be offered by selling shareholders.
“The rapid growth of esports and mobile applications in India creates an opportunity for us to launch and grow our business,” the company said in a statement.
Mobile Global Esports has also submitted an application to be listed on the NASDAQ. If approved, the company will use the ticker symbol “MOGL”.
(All information was provided by Capital.com)
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