Esports Entertainment Group, an online gambling platform for esports, raised $8 million by offering 2 million units at $4.25, within the range of $4 to $6, above the last close of $3.80 for its shares on the OTCQB (ticker: GMBLD). Each unit consists of one share, one Unit A warrant, and one Unit B warrant. Each warrant is exercisable at $4.25.
The company's platform is still in the development stage, though it is intended to operate as a betting exchange, allowing players to bet against each other rather than a bookmaker. Esports Entertainment is led by CEO and Chairman Grant Johnson, who is also the majority shareholder (53% post-IPO).
Esports Entertainment plans to list on the Nasdaq under the symbol GMBL. Maxim Group LLC and Joseph Gunnar acted as lead managers on the deal.
