Esports Entertainment Group Inc. Completes Public Offering

The NASDAQ-listed betting organization Esports Entertainment Group Inc. announced it completed its initial public offering, allowing the company to raise $13.6 million. This money is expected to go towards building out the business’ capital reserves while enabling the firm to pay off parts of its outstanding debts.

This comes after EEG unveiled the pricing of its previously announced underwritten public offering of 15 million shares of common stock and accompanying warrants. Each share was sold at an effective offering price of $1.

“The proceeds from this important offering allow us to build our working capital reserves and enable the company to repay a portion of its outstanding debt,” said EEG’s CEO, Grant Johnson. “Collectively, this will provide our company with a far firmer foundation which will allow us to take advantage of the growth potential provided by our newest esports products as well as our European-based igaming and online sports betting businesses. In particular, we remain extremely bullish about the growing interest in our OMEGA solution and believe the debut of our LANDuel platform later this month will have a material impact on our financial performance in the coming quarters.”

(All information was provided by Esports Insider and INN)

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