Esports Entertainment Group Announces Pricing of $7.5 Million Public Offering of Common Stock and Warrants

Esports Entertainment Group has announced the pricing of its previously announced underwritten public offering of 30,000,000 shares of common stock and accompanying warrants to purchase 30,000,000 shares of common stock.

Each share of common stock is being sold together with one common warrant at a combined effective offering price of $0.25. The common warrants will be immediately exercisable at a price of $0.25 per share of common stock and will expire five years from the date of issuance. The shares of common stock and the accompanying common warrants can only be purchased together in the offering, but will be issued separately and will be immediately separable upon issuance. Esports Entertainment Group has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 shares of common stock and/or additional warrants to purchase up to 4,500,000 shares of common stock.

Maxim Group LLC and Joseph Gunnar & Co., LLC are acting as book-running managers for the offering.

The gross proceeds of the offering are expected to be approximately $7.5 million before deducting underwriting discounts and commissions and estimated offering expenses. Esports Entertainment Group intends to use the net proceeds from this offering for working capital and to repay a portion of its outstanding senior convertible note.

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A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (SEC) and became effective on February 5, 2021. The offering is being made only by means of a written prospectus and prospectus supplement that will form a part of the registration statement.