Business
SharpLink Gaming Announces Pricing of $10 Million Registered Direct Offering
MINNEAPOLIS, Nov. 17, 2021 (GLOBE NEWSWIRE) -- SharpLink Gaming Ltd. (Nasdaq:SBET) (“SharpLink” or the “Company”), a pioneer of game-changing technological
About this update from Sharplink, Inc.
[{"type":"text","content":"MINNEAPOLIS, Nov. 17, 2021 (GLOBE NEWSWIRE) -- SharpLink Gaming Ltd. (Nasdaq:SBET) (“SharpLink” or the “Company”), a pioneer of game-changing technological solutions and experienced-based services for the U.S. online sports betting industry, today announced it has entered into a securities purchase agreement with an institutional investment firm (the “Investor”), which is an existing SharpLink shareholder. Pursuant to the agreement, the Investor is purchasing 1,413,075 of the Company’s ordinary shares at a purchase price of $3.75 per share and pre-funded a warrant to purchase up to 1,253,592 ordinary shares at a funding amount of $3.74 per share and an exercise price of $0.01 per share, for gross proceeds of $10 million. SharpLink expects the net proceeds from the offering to be approximately $9.9 million after deducting approximately $100,000 in offering expenses. The Company expects to use the net proceeds for supporting its technology and business development initiatives, as well as for general working capital purposes. The offering is expected to close on or about November 19, 2021, subject to the satisfaction of customary closing conditions. Rob Phythian, Chief Executive Officer of SharpLink, stated, “This offering will materially strengthen our cash position and provide us with enhanced liquidity to pursue many compelling growth opportunities currently in focus. We are deeply appreciative of this investor’s confidence in our Company’s promising future growth potential and in our leadership team’s ability to successfully execute on our vision and business-building strategies.” In a concurrent private placement, the Investor will purchase a warrant to purchase an additional 2,666,667 shares at an exercise price of $4.50 per share, which, if exercised, will result in gross proceeds to the Company of $12.15 million. The additional warrants will be exercisable beginning six-months after closing and ending on the fourth anniversary of closing. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A registration statement relating to the shares and prefunded warrants File Numbe...