Business
SharpLink Secures Financing to Accelerate Current Growth Initiatives
MINNEAPOLIS, MN / ACCESSWIRE / February 16, 2023 / SharpLink Gaming Ltd. (NASDAQ:SBET) ("SharpLink" or the "Company"), a pioneer of targeted conversion
About this update from Sharplink, Inc.
[{"type":"text","content":"MINNEAPOLIS, MN / ACCESSWIRE / February 16, 2023 / SharpLink Gaming Ltd. (NASDAQ:SBET) (\"SharpLink\" or the \"Company\"), a pioneer of targeted conversion solutions for the U.S. sports betting and iGaming industries, today announced that on February 15, 2023, it closed on a $4.4 million convertible debenture through a non-brokered private placement with an existing institutional shareholder of the Company. On February 13, 2023, SharpLink also signed a two-year, $7.0 million revolving loan agreement with its current commercial lender, Platinum Bank. The proceeds will be used to support the Company's key growth initiatives and general corporate purposes.Commenting on the financings, Rob Phythian, Chief Executive Officer of SharpLink, stated, \"We believe the capital raised, coupled with the availability to additional cash through the revolving credit line, will provide SharpLink with the necessary capital to successfully execute our business strategy centered on supporting the ongoing advancement of our C4 sports betting conversion technology and full implementation of our Direct-to-Player growth initiatives.\"For more detailed information about these financial transactions, please see the Form 8-K to be filed with the U.S. Securities and Exchange Commission and accessible at www.sec.gov or at www.sharplink.com.About SharpLink Gaming Ltd.Founded in 2019, SharpLink is a leading online technology company that connects sports fans, leagues and sports websites to relevant and timely sports betting and iGaming content. SharpLink uses proprietary, intelligent, online conversion technology to convert sports fans into sports bettors for licensed, online sportsbook operators. In addition, SharpLink specializes in helping sports media companies, leagues, teams and sportsbooks develop strategies, products and innovative solutions to drive deep fan activation and engagement with highly interactive free-to-play games and mobile applications. Further, SharpLink owns and operates a variety of real-money fantasy sports and sports simulation games and mobile apps on its platform; and is licensed or authorized to operate in every state in the United States where fantasy sports and online sports betting has been legalized. SharpLink's proprietary fantasy sports platform reaches more than two million fantasy sports fans who spend almost $40 million ...