Super League Gaming Raises $13.6M From Secondary Share Sale At Discount
Competitive video gaming and esports entertainment provider Super League Gaming Inc (NASDAQ: SLGG) announced the sale of 1.5 million shares at $9 per share to raise $13.6 million in gross proceeds.
The offer price signifies an 11.2% discount to the Friday closing price of $10.14.
Super League currently intends to utilize the offering proceeds for working capital and general corporate purposes, including sales and marketing activities, product development, and capital expenditures.
The company closed the registered direct offering of 3.1 million and 2.9 million shares, raising gross proceeds of $8 million and $12 million, respectively, in January and February.
The company acquired live-streaming technology platform Mobcrush in March for an undisclosed sum.
The company’s cash balance amounted to $7.9 million as of December 31, 2020.
SLGG stock has gained 353% last year.
Price action: SLGG share prices traded lower by 3.85% at $9.75 on the last check Monday.
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