Birkirkara, Malta–(Newsfile Corp. – February 6, 2020) – Esports Entertainment Group, Inc. (OTCQB: GMBLD) (or the “Company”), a licensed online gambling company with a focus on esports wagering and 18+ gaming, has successfully completed a “reverse split” of its shares of common stock at a ratio of 1-for-15 (1:15). The Company’s common stock began trading on a post-split basis on Monday, January 27, 2020 under the trading symbol “GMBLD.” The “D” lettering will be removed within 20 business days from the effective date of the reverse split, and the symbol will revert to the original lettering of “GMBL.” In connection with the reverse stock split, the Company’s CUSIP number will change to 29667K306.
The reverse stock split was implemented by the Company in connection with its proposed application to uplist the Company’s common stock on the NASDAQ Capital Market (NASDAQ). The reverse stock split is an action intended to fulfill the stock price requirements for official listing on NASDAQ, which requires that the Company’s common stock must be $4.00 or higher at the time of listing. There can be no assurance that the Company will satisfy other applicable requirements for listing its common stock on NASDAQ or that the Company’s application to uplist its common stock will be approved.
“This reverse split is another major step forward in our long-term strategic growth plan, which includes listing our common stock on a major U.S. exchange,” said CEO Grant Johnson. “We expect a NASDAQ listing will generate even greater interest in our company from the broader national and international investment community, as well as, potential partners in the esports as a result of our transparency. We appreciate the continued support of our employees, partners, and shareholders as we work to realize our operational and capital markets goals.”
As a result of the 1:15 reverse stock split, every 15 shares of the Company’s issued and outstanding common stock will be converted into one share of issued and outstanding common stock. The number of authorized shares will remain unchanged.
No fractional shares will be issued in connection with the stock split. Any fractional shares of common stock resulting from the reverse stock split will be rounded up to the nearest whole share. It is not necessary for stockholders to exchange their existing stock certificates for new stock certificates in connection with the reverse stock split. Stockholders who hold their shares in brokerage accounts are not required to take any action to exchange their shares.
This press release is available on our Online Investor Relations Community for shareholders and potential shareholders to ask questions, receive answers and collaborate with management in a fully moderated forum https://agoracom.com/ir/EsportsEntertainmentGroup
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ABOUT ESPORTS ENTERTAINMENT GROUP
Esports Entertainment Group, Inc. is a licensed online gambling company with a focus on esports wagering and 18+ gaming. Esports Entertainment offers bet exchange style wagering on esports events in a licensed, regulated and secure platform to the global esports audience at vie.gg. In addition, Esports Entertainment intends to offer users from around the world the ability to participate in multi-player mobile and PC video game tournaments for cash prizes. Esports Entertainment is led by a team of industry professionals and technical experts from the online gambling and the video game industries, and esports. The Company holds a license to conduct online gambling and 18+ gaming on a global basis in Curacao, Kingdom of the Netherlands. The Company maintains offices in Malta. Esports Entertainment common stock is listed on the OTCQB under the symbol GMBLD, which will revert back to GMBL after 20 business days from the effective date of the reverse split announced in this press release. For more information visit www.esportsentertainmentgroup.com
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.