Esports entertainment group announces agreement to exchange $15 million senior convertible note to unsecured convertible preferred stock
Expects to report elimination of substantially all debt st. julians, malta--(newsfile corp. - april 20, 2023) - esports entertainment group, inc. (nasdaq: gmbl) (nasdaq: gmblp) (nasdaq: gmblw) (nasdaq: gmblz) ("esports entertainment" or the "company"), a leading global igaming company and business-to-business (b2b) esports content and solutions provider, today announced it has entered into an agreement with alto opportunity master fund, spc - segregated master portfolio b ("alto"), the holder of the senior convertible note to exchange the remaining balance of the senior convertible note into new unsecured, series c convertible preferred stock immediately after its next capital raise. once completed, this transaction, in combination with prior transactions effected earlier this year, will reduce nearly $42 million of the company's liabilities, resulting in a substantially debt free balance sheet and material progress towards addressing the company's remaining nasdaq listing deficiencies.
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