SharpLink Gaming to sell $4.5m worth of shares for capital purposes
The closing of the offering is expected to occur on or around May 21, 2025, subject to the satisfaction of customary closing conditions.
Key Points
- The sports betting and iGaming supplier intends to use the net proceeds from this offering for working capital and general corporate purposes
- On February 24, SharpLink Gaming announced the $500k acquisition of a 10% equity stake in Armchair Enterprises Limited, the owner and operator of CryptoCasino
SharpLink Gaming has detailed the pricing of its “reasonable best efforts” public offering for the purchase and sale of over 1.5m shares, as the company expects to receive aggregate proceeds of approximately $4.5m in return.
The sports betting and iGaming supplier intends to use the net proceeds from this offering for working capital and general corporate purposes, as well as other purposes detailed in the prospectus that has been filed with the Securities and Exchange Commission (SEC).
The closing of the offering is expected to occur on or around May 21, 2025, subject to the satisfaction of customary closing conditions.
On March 26, SharpLink Gaming was granted an official extension by the Nasdaq Listing Qualifications Panel (also known as the Hearings Panel) in order to obtain compliance with the minimum price requirement for Nasdaq listing.
As specified in Nasdaq’s Listing Rules, companies must maintain a minimum bid price of $1 per share alongside a minimum stockholders’ equity of $2.5m to be compliant with the minimum bid price requirement.
Good to know: CryptoCasino, which was originally launched in 2024, will act as part of SharpLink’s latest expansion strategy, following the company’s full compliance notice from Nasdaq in February 2024
Following the announcement, SharpLink Gaming was given an extended period until May 23, 2025, in order to meet these requirements and maintain its Nasdaq listing. It was not specified at the time of writing whether the new offering will impede with the listing extension.
Prior to the Nasdaq extension, SharpLink Gaming announced the $500k acquisition of a 10% equity stake in Armchair Enterprises Limited, the owner and operator of CryptoCasino.
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