Super League Gaming to Raise $8.4M in Underwritten Public Offering

NASDAQ-traded esports community and content platform Super League Gaming announced an underwritten public offering of just more than 4.54M shares priced at $1.85 USD per share. Gross proceeds of the offering, which is expected to close on Aug. 31, are expected to be approximately $8.4M before underwriting discounts and commissions and estimated offering expenses.

Super League Gaming intends to use the public offering’s net proceeds for working capital and general corporate purposes, including sales and marketing activities, product development, and capital expenditures. The company made a net loss of $9.69M in the first half of 2020 while generating total revenues of $567K.

As part of the public offering underwriting agreement, Super League Gaming granted the underwriters, represented by National Securities Corporation, a 30-day option to purchase up to an additional 681,081 shares at $1.85 per share.

Since Super League Gaming announced the public offering agreement yesterday, its stock price dropped 15.7% to $1.77 by markets’ close.

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