Esports Entertainment eyes NASDAQ Capital Market listing

7 June 2019

Online gambling operator Esports Entertainment Group has applied to list its common shares on the NASDAQ Capital Market.

The esports betting operator noted that the number and type of securities to be offered, and the price range for the offering, had yet to be determined. However, it added, the proposed maximum aggregate offering was likely to be $11.5m (£9.0m/€10.1m).

Joseph Gunnar & Co and Dinosaur Financial will serve as underwriters for the proposed offering.

“Given the tremendous progress of our esports betting platform, including partnering with more than 190 esports teams from around the world, we believe the company is now well positioned to pursue additional growth opportunities,” Esports Entertainment chief executive Grant Johnson said.

“A NASDAQ listing, if successful, will broaden our access to a larger and international group of investors as we seek to become a truly global company.”

The operator intends to use funds generated from the planned listing to fund its Malta gaming licence application, and to establish a base in the country. It will also used funds raised through the initial public offering to pursue another licence, in a yet-to-be-selected Asian market.

Funds will also be used to enhance its software and systems. Some would go towards developing and launching skill-based video game tournaments across PC, mobile and gaming consoles, as well as purchasing a software licence for its gambling platform.

Last month the operator hired John Brackens, previously of Activision Blizzard, as its new chief information officer, the first major appointment since chief financial offer Christopher Malone joined in November 2018.

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