It is at a purchase price of $3.58 per share of common stock and associated warrant, for gross proceeds to EBET of approximately $3.5m.
The provider of wagering products and technology noted that gross proceeds exclude fees and other offering expenses payable by the group, while the warrants have an exercise price of $5.00 per share of common stock, and will be exercisable six months from the closing of the offering for a period of five years from the closing date.
The group intends to use the net proceeds from the private placement for general corporate purposes.
“The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws,” a statement from EBET read.
“Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.”
The previous announcement regarding the shares was made earlier this month, when on 7 June the company entered into securities purchase agreements with several institutional and accredited investors.
