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  • Lucosky Brookman LLP

Firm Assists Client, Esports Entertainment Group, in Pricing of Above Market $8.4 Million Public Off

The Firm congratulates its client, Esports Entertainment Group, Inc. (NasdaqCM: GMBL, GMBLW, or the “Company”) on its successful uplist to the NASDAQ Capital Market and the pricing of its public offering of 1,980,000 units at a price to the public of $4.25 per unit. The Firm assisted the company as securities counsel throughout the uplisting and capital raising process.

Each unit issued in the offering consists of one share of common stock, one Unit A Warrant to purchase one share of common stock and one Unit B Warrant to purchase one share of common stock. The common stock, Unit A Warrants and Unit B Warrants are immediately separable from the units and will be issued separately. The common stock and Unit A Warrants began trading on the NASDAQ Capital Market on April 14, 2020, under the symbols “GMBL” and “GMBLW,” respectively. Esports Entertainment Group expects to receive gross proceeds of approximately $8.4 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

Each Unit A Warrant is immediately exercisable for one share of common stock at an exercise price of $4.25 per share and will expire 5 years from issuance, and each Unit B Warrant is immediately exercisable at an exercise price of $4.25 per share and will expire one year from issuance.

Esports Entertainment Group has granted the underwriters a 45-day option to purchase up to 297,000 additional shares of common stock, and/or 297,000 Unit A Warrants, and/or 297,000 Unit B Warrants, or any combination thereof, to cover over-allotments, if any. The offering is expected to close on April 16, 2020, subject to customary closing conditions.

Maxim Group LLC is acting as the lead book-running manager for the offering. Joseph Gunnar & Co., LLC is acting as co-book-running-manager for the offering.

The offering is being conducted pursuant to the Company's registration statement on Form S-1 (File No. 333-231167) previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC"). A prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.

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