EBET sets sights on $3.5m raise via private placement
Esports firm looking for capital injection to support “general corporate purposes” following quarterly revenue growth
Esports betting technology provider EBET has announced a private placement in an effort to raise up to $3.5m.
The firm has entered into securities purchase agreements with several investors to issue 977,657 shares of common stock and warrants to purchase up to a further 977,657 shares of common stock.
These shares will be priced at a purchase price of $3.58 per share of common stock and associated warrant.
This is expected to lead to gross proceeds to EBET of approximately $3.5m, before deducting fees and other offering expenses payable.
The warrants will have an exercise price of $5 per share of common stock, and will be exercisable six months from the closing of the offering for a period of five years.
The closing of the private placement is expected to occur on or before 15 June, subject to standard closing conditions.
EBET said it was planning to use the funds raid for “general corporate purposes”.
Last month, EBET announced its rebranding from Esports Technologies and also posted a quarter-on-quarter revenue rise of 166%.