Business
Super League Announces Private Placement Financing of $8.354 Million and Enters into Accounts Receivable Facility to Further Fund Growth Initiatives
SANTA MONICA, Calif., Dec. 22, 2023 (GLOBE NEWSWIRE) -- Super League (Nasdaq: SLE), a global leader in providing immersive experiences across the world's
About this update from Super League Enterprise, Inc.
[{"type":"text","content":"SANTA MONICA, Calif., Dec. 22, 2023 (GLOBE NEWSWIRE) -- Super League (Nasdaq: SLE), a global leader in providing immersive experiences across the world's largest digital social platforms, announced today that it has consummated two tranches of private financing of convertible preferred stock, priced at the market under Nasdaq rules, with the final closing completed on December 22, 2023. Additionally, the Company entered into an agreement with SLR DIGITAL FINANCE LLC for a 2-year, $4 million accounts receivable financing facility (the “Facility\"). The Company received aggregate gross proceeds of approximately $8.354 million in equity financing, before deducting placement agent fees and other offering expenses payable by the Company and up to $4 million of availability under the Facility. The $8.354 million of capital raised was sourced from both new and existing investors and the funding available to the Company through the Facility collectively grant Super League the capital flexibility to fund ongoing operations and support pipeline growth initiatives. “The completion of this financing comes at an integral inflection point in Super League’s business as we secured our largest single revenue transaction to date in the third quarter. This latest private financing capital injection along with the AR facility will effectively fund our operations, facilitate the execution of our growth initiatives, and secure our 2024 path to profitability,” commented Ann Hand, CEO of Super League. “We would like to thank our investors, both new and existing, for their continued support and confidence in the strategic direction of Super League.” As a part of the private placement offering, the Company issued newly designated Series AAA Convertible Preferred Stock (the \"Preferred Stock\"). Each share of Preferred Stock was sold in two separate tranches, with the tranches priced at $1.674 and $1.71 per share, respectively, and is convertible into shares of common stock, subject to certain beneficial ownership limitations. Other material terms of the Preferred Stock financing, including the registration rights granted to investors, are described in the Company's Current Reports on Form 8-K filings made with the Securities and Exchange Commission to date and following the date above. SternAegis Ventures acted as the exclusive placement agent. Participa...