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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): October 10, 2023
ESPORTS
ENTERTAINMENT GROUP, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
001-39262 |
|
26-3062752 |
(State
or other jurisdiction of |
|
(Commission |
|
(IRS
Employer |
incorporation
or organization) |
|
File
Number) |
|
Identification
No.) |
BLOCK
6,
TRIQ
PACEVILLE,
ST.
JULIANS STJ 3109
MALTA
(Address
of principal executive offices)
356
2713 1276
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock |
|
GMBL |
|
The
Nasdaq Stock Market LLC |
Common
Stock Purchase Warrants |
|
GMBLW |
|
The
Nasdaq Stock Market LLC |
10.0%
Series A Cumulative Redeemable Convertible Preferred Stock |
|
GMBLP |
|
The
Nasdaq Stock Market LLC |
Common
Stock Purchase Warrants |
|
GMBLZ |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01 Regulation FD Disclosure
As
previously disclosed, on September 15, 2023, the Company entered into an Equity Distribution Agreement (the “Agreement”),
pursuant to which the Company established an “at the market” (“ATM”) equity offering program to sell up to an
aggregate of $7,186,257 of shares of common stock. The shares are being issued pursuant to the Company’s shelf registration statement
on Form S-3 (File No. 333-252370) and Form S-3 MEF (File No. 333-274542) and the Company filed a prospectus supplement, dated September
15, 2023, with the Securities and Exchange Commission (“SEC”) in connection with the offer and sale of the shares pursuant
to the Agreement with the placement agent named therein.
During
the period from October 10, 2023, through October 12, 2023, the Company sold an aggregate of 8,440,375 shares of common stock for proceeds
of $658,645, net of placement agent fees of $20,370. The net proceeds from sales under the ATM equity offering program (“ATM Sales”)
were allocated 50% to the Company, and 50% to the holder of the Company’s outstanding Series C Convertible Preferred Stock and
Series D Convertible Preferred Stock (the “Holder”) and will be used to redeem first, the Series D Convertible Preferred
Stock and second, the Series C Convertible Preferred Stock, as applicable (“Redemption Proceeds”), unless the Holder elects
to change such allocations (or waive such redemption, in whole or in part, with respect to one or more ATM Sales), pursuant to the previously
disclosed settlement and waiver agreement, dated October 6, 2023 (“October Settlement Agreement”).
As
of October 12, 2023, there were $329,323 of Redemption Proceeds instructed for deposit into a non-interest-bearing escrow account (“Escrow
Account”) for the Holder pursuant to the previously disclosed escrow agreement (“Escrow Agreement”) executed concurrently
with the October Settlement Agreement. Under the terms of the October Settlement Agreement and Escrow Agreement, the Redemption Proceeds
will not be released to the Holder until the Redemption Proceeds equal or exceed $250,000 from additional ATM Sales, and the Escrow Agent
has received written instruction from either the Company or the Holder to release the Redemption Proceeds.
As
of October 12, 2023, there were 67,329,316 shares of common stock, par value $0.001 issued and outstanding. We intend to continue to
effect additional ATM Sales under the same terms in the foreseeable future.
The
October Settlement Agreement and Escrow Agreement were previously summarized in our Current Report on Form 8-K filed with the SEC on
October 10, 2023 and each filed as exhibits thereto.
Forward-Looking
Statements
The
information contained herein includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,”
“expects,” “intends,” “plans,” “predicts,” “projects,” “will be,”
“will continue,” “will likely result,” and similar expressions. These statements relate to future events or to
our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results,
levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance
or achievements expressed or implied by these forward-looking statements, including, the amount of ATM Sales, the allocations of the
net proceeds from such ATM Sales to the Company and the Holder, and the amount of outstanding Series C Convertible Preferred Stock and
Series D Convertible Preferred Stock after redemptions thereof. You should not place undue reliance on forward-looking statements since
they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and
likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause or contribute
to such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly
Reports on Form 10-Q, and those discussed in other documents we file with the SEC, including, our obligations under our outstanding preferred
stock, the October Settlement Agreement and the Escrow Agreement, our ability to continue as a going concern, and our ability to maintain
compliance with Nasdaq Listing Rules. Any forward-looking statement reflects our current views with respect to future events and is subject
to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity.
We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual
results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available
in the future, unless required by law.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date:
October 16, 2023 |
|
|
|
|
|
|
ESPORTS
ENTERTAINMENT GROUP, INC. |
|
|
|
|
By: |
/s/
Michael Villani |
|
Name:
|
Michael
Villani |
|
Title: |
Chief
Financial Officer |
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