Current Report Filing (8-k)
May 01 2023 - 8:29AM
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): April 28, 2023
ESPORTS
ENTERTAINMENT GROUP, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
001-39262 |
|
26-3062752 |
(State
or other jurisdiction of |
|
(Commission |
|
(IRS
Employer |
incorporation
or organization) |
|
File
Number) |
|
Identification
No.) |
BLOCK
6,
TRIQ
PACEVILLE,
ST.
JULIANS STJ 3109
MALTA
(Address
of principal executive offices)
356
2713 1276
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock |
|
GMBL |
|
The
Nasdaq Stock Market LLC |
Common
Stock Purchase Warrants |
|
GMBLW |
|
The
Nasdaq Stock Market LLC |
10.0%
Series A Cumulative Redeemable Convertible Preferred Stock |
|
GMBLP |
|
The
Nasdaq Stock Market LLC |
Common
Stock Purchase Warrants |
|
GMBLZ |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
8.01. Other Events.
As
previously disclosed, on April 6, 2023, Esports Entertainment Group, Inc. (the “Company”) received a notice from The Nasdaq
Stock Market LLC’s (“Nasdaq”) Hearings Panel (the “Panel”), that the Panel had granted the Company an extension
until April 30, 2023, to demonstrate compliance with the $2,500,000 minimum stockholders’ equity requirement, as outlined in Listing
Rule 5550(b)(1).
As
a result of the transactions outlined below, the Company now has stockholders’ equity above the minimum stockholders’ equity
requirement for continued listing of $2,500,000. The Company completed
various transactions including the exchange of the remaining $15,230,024 in aggregate principal amount of the Company’s Senior
Convertible Note outstanding into 15,230 shares of the new unsecured Series C Convertible Preferred Stock (the “Note to Preferred
Stock Exchange Agreement”). The Note to Preferred Stock Exchange Agreement was consummated on April 28, 2023. The details of the
Note to Preferred Stock Exchange Agreement were previously reported on Current Report on Form 8-K filed with the Securities and Exchange
Commission on April 20, 2023.
Nasdaq
will continue to monitor our ongoing compliance with the minimum stockholders’ equity requirement and, if at the time of our next
periodic report our company does not evidence compliance with the minimum stockholders’ equity requirement, we may be subject to
delisting. There can be no assurance that our company will be able to maintain compliance with the minimum stockholders’ equity
requirement.
Item
9.01. Financial Statements and Exhibits.
Exhibit
Number |
|
Exhibit
Description |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document). |
Forward-Looking
Statements
The
information contained herein includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,”
“expects,” “intends,” “plans,” “predicts,” “projects,” “will be,”
“will continue,” “will likely result,” and similar expressions. 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, including, the ability to close the transactions contemplated
by the Securities Purchase Agreement, the amount of debt for equity exchanges we will be able to effect, the conversion price, and for
what period of time such exchanges will continue to occur, if at all. 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. Factors that could cause or contribute
to such differences include, but are not limited to, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly
Reports on Form 10-Q, and those discussed in other documents we file with the SEC, including, our ability to regain compliance with Nasdaq
Listing Rules and stay listed on Nasdaq, our significant indebtedness, our obligations under our Senior Convertible Note, and our ability
to continue as a going concern. 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, unless required by law. The safe harbor for forward-looking statements contained in the Private Securities Litigation
Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of such
Act.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date:
May 1, 2023
|
ESPORTS
ENTERTAINMENT GROUP, INC. |
|
|
|
By: |
/s/
Michael Villani |
|
Name:
|
Michael
Villani |
|
Title: |
Interim
Chief Financial Officer and Controller |
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