EBET Inc, an esports wagering products and technology provider formerly known as Esports Technologies, has announced a private placement priced at the market under Nasdaq rules at $3.5m.
Per the securities purchase agreements with institutional and accredited investors, EBET has issued 977,657 shares of common stock and warrants to purchase up to an aggregate of 977,657 shares of common stock.
With shares priced at $3.58 per share of common stock and associated warrants, the provider expects gross proceeds of approximately $3.5m, before deducting fees and other offering expenses.
The warrants will have an exercise price of $5.00 per share of common stock, exercisable six months from the closing of the offering for five years from the closing date.
Subject to the satisfaction of customary closing conditions, the private placement is expected to close on or before June 15. Subsequent net proceeds will be used for general corporate purposes.
Last month, EBET updated investors on its revenue position after the second quarter of FY2022, noting a 166% increase in corporate turnover.