Online gambling company based in Malta Esports Entertainment Group, Inc.. (SEE) announced that it has closed its registered direct offering of common stock resulting in total gross proceeds of $ 30 million (~ £ 21.64 million).
EEG sold 2 million shares of common stock at a price of $ 15 (£ 10.81) per share, valued at market price under NASDAQ rules.
Photo credit: Esports Entertainment Group
While EEG has been active in sports since 2008, the company’s influence has increased significantly in recent years. Esports Entertainment Group was the first esports betting company to go public in April 2020. The NASDAQ debut brought in warrants and common stock worth approximately $ 2.75 million (~ £ 2.18 million) as of May 31st.
At the time, the company stated that its investments would help provide the “resources needed to execute its business plan”.
In recent years, the EEG has made various important agreements, which include partnerships with teams such as value and the Baltimore Ravens, on acquisitions of Argyll Entertainment and the Esports Gaming League (EGL).
Just this week, EEG submitted its gaming license to the New Jersey Division of Gaming Enforcement (NJDGE). If the license is approved, the EEG can operate and maintain weather in the Garden State, including via the sports-oriented sports betting VIE.gg.
Esports Insider Says: EEG has quickly become a powerhouse in the esports industry due to its partnerships between multiple organizations and regions. With the expansions in New Jersey and Canada possibly coming soon, we expect many more announcements in the near future.