Business
Super League Announces Private Placement to Fund Growth Initiatives
SANTA MONICA, Calif., May 15, 2023 (GLOBE NEWSWIRE) -- Super League Gaming (Nasdaq: SLGG), a leading publisher and creator of immersive experiences across the
About this update from Super League Enterprise, Inc.
[{"type":"text","content":"SANTA MONICA, Calif., May 15, 2023 (GLOBE NEWSWIRE) -- Super League Gaming (Nasdaq: SLGG), a leading publisher and creator of immersive experiences across the world’s largest metaverse gaming platforms, announced today that it has consummated two private financings of convertible preferred stock, priced at the market under Nasdaq rules, with the final closing expected to occur later this week. The Company received aggregate gross proceeds of approximately $23.8 million in these financings from November 2022 through May 2023, before deducting placement agent fees and other offering expenses payable by the Company. The capital was raised from both existing and new investors and was used to extinguish the Company’s debt and fund ongoing operations and growth initiatives. “Completing this financing was vital to support Super League’s long-term growth strategy. We significantly enhanced our balance sheet, while obtaining the necessary capital to fund operations and fuel our near-term growth initiatives,” said Ann Hand, CEO of Super League. “We believe this is also a testament to the strength of our team, our strategic vision and confidence in our ability to execute.” As a part of the private placement offering, the Company issued newly designated Convertible Preferred Stock (the \"Preferred Stock\"). Each share of Preferred Stock was sold at $1,000 per share 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 for this offering. Participants in the offering include existing investors, new investors, and affiliates of the placement agent. The securities described above have not been registered under the Securities Act of 1933, as amended, and may not be resold in the United States except pursuant to an effective registration statement with the Securities and Exchange Commission or an exemption from registration under the Securities Act and any applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to bu...