Esports Entertainment has raised $4.4 million through offering 1,029,393 warrants with a share priced at $4.25. The securities were made publicly available on April 14 and amassed to a total of $4.4 million by May 22. Since then another offering beginning on May 26 has raised $1.9 million, totaling an aggregate of $6.2 million since uplisting on Nasdaq in April with a public offering worth $8.4 million.
Grant Johnson, chief executive of Esports Entertainment addressing the development said, “This announcement significantly bolsters our financial strength and resources necessary to execute our business plan. The continued support and confidence of our valued shareholders is deeply appreciated as we aggressively pursue our growth strategy in 2020 and beyond.”
This funding comes amidst an aggressive plan for expansion with a new subsidiary, GMBL New Jersey, breaching the US and looking to secure a betting licence. The company also obtained a gaming license from Malta Gaming Authority and is looking to acquire LHE Enterprises which owns the gaming operator Argyll Entertainment. According to Johnson, the deal will bolster the company as Argyll Entertainment is generating an estimated revenue of $12 million.