Super League Announces Private Placement to Fund Growth Initiatives
15 Maio 2023 - 9:05AM
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 buy, nor shall there be
any sale of these securities in any state or other jurisdiction in
which such an offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or other jurisdiction.
About Super League Gaming
Super League Gaming is a leading strategically
integrated publisher and creator of games and experiences across
the world’s largest immersive digital platforms. From metaverse
gaming powerhouses such as Roblox, Minecraft, and Fortnite, to the
most popular web3 environments such as The Sandbox and
Decentraland, to bespoke worlds built using the most advanced 3D
creation tools, Super League’s innovative solutions provide
incomparable access to massive audiences of consumers who gather in
immersive digital spaces to socialize, play, explore, collaborate,
shop, learn, and create. As a true end-to-end activation partner
for dozens of global brands, Super League offers a complete range
of development, distribution, monetization, and optimization
capabilities designed to engage users through dynamic, energized
programs. As an originator of new experiences designed by in-house
creators and a network of top developers, a comprehensive set of
proprietary creator tools, and a future-forward team of creative
professionals, Super League accelerates IP and audience success
within the fastest growing sector of the gaming and media
industries. For more, go to superleague.com.
About SternAegis Ventures
SternAegis Ventures is the management team
within Aegis Capital Corp. that is responsible for venture capital
and private equity financing. www.sternaegis.com
Forward-Looking Statements
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995. Statements in this press
release that are not strictly historical are “forward-looking”
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These statements involve substantial risks,
uncertainties and assumptions that could cause actual results to
differ materially from those expressed or implied by such
statements. Forward-looking statements in this communication
include, among other things, statements about Super League’s growth
strategies, the ability to actualize the benefits of the
acquisition of Melon, our possible or assumed business strategies,
new products, potential market opportunities and our ability to
secure adequate working capital. Risks and uncertainties include,
among other things, our ability to implement our plans, forecasts
and other expectations with respect our business; our ability to
realize the anticipated benefits of events that took place during
and subsequent to the quarter ended December 31, 2022, including
the possibility that the expected benefits, particularly from our
acquisitions consummated in 2021 and 2023, will not be realized or
will not be realized within the expected time period; unknown
liabilities that may or may not be within our control; attracting
new customers and maintaining and expanding our existing customer
base; our ability to scale and update our platform to respond to
customers’ needs and rapid technological change; increased
competition on our market and our ability to compete effectively;
and expansion of our operations and increased adoption of our
platform internationally. Additional risks and uncertainties that
could affect our financial condition and operating results will be
included in the section titled “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in our Annual Report on Form 10-K for the year ended
December 31, 2022 and other filings that we make from time to time
with the Securities and Exchange Commission (the “SEC”) which, once
filed, are available on the SEC’s website at www.sec.gov. In
addition, any forward-looking statements contained in this
communication are based on assumptions that we believe to be
reasonable as of this date. Except as required by law, we assume no
obligation to update these forward-looking statements, or to update
the reasons if actual results differ materially from those
anticipated in the forward-looking statements.
Investor Relations Contact:Shannon DevineMZ
North AmericaMain: 203-741-8811SLGG@mzgroup.us
Media ContactGillian
Sheldongillian.sheldon@superleague.com
Super League Gaming (NASDAQ:SLGG)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Super League Gaming (NASDAQ:SLGG)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024