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Lucosky Brookman is a leader in the representation of small and micro-cap companies. The Firm has led it clients through numerous capital raise transaction and over a dozen uplisting and initial public offering transactions.  Access the latest news about Lucosky Brookman, our clients’ business transactions and industry updates here. 

Firm Represents Esports Entertainment Group in connection with Private Placement of $35 Million Convertible Notes

Lucosky Brookman LLP is pleased to share that its client Esports Entertainment Group, Inc. (Nasdaq: GMBL) has closed on the sale of $35 million 8.0% senior convertible notes in a private placement. The Notes are convertible into shares of common stock of the Company at a conversion price of $17.50 per share.  Lucosky Brookman acted as corporate and securities legal counsel to the Company.

In connection with the private placement, the Company is issuing to the investor Series A warrants to purchase up to 2,000,000 shares of common stock and Series B warrants to purchase up to 2,000,000 shares of common stock. The Series A and Series B warrants have an exercise price of $17.50 and the Series A warrants are exercisable for four years following the date of issuance and the Series B warrants are exercisable for two years following the date of issuance. 

The Series B warrants are not exercisable until vesting under certain conditions. The Company has the right to call the Series A and Series B warrants, subject to the satisfaction of certain conditions. 

Maxim Group LLC acted as the sole placement agent in connection with the offering.

The Company plans to use the net proceeds of the offering primarily for working capital and acquisition related expenses.