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Esports Entertainment Group | 8-K: Current report

SEC announcement ·  Mar 13 17:25
Summary by Moomoo AI
On March 13, 2024, Esports Entertainment Group, Inc. (EEG) disclosed the entry into a Secured Note Purchase Agreement with the holder of its Series C and D Convertible Preferred Stock. The agreement, dated March 7, 2024, involves the issuance of a secured promissory note for approximately $1.42 million in cash, with a maturity date of March 7, 2026, and an interest rate of 10% per annum. The note is secured by a first priority interest in all of the company's tangible and intangible personal property. Additionally, EEG announced amendments to the terms of the Series C and D Preferred Stock, including a six-month standstill on certain conversions, a monthly conversion limit post-standstill, and a change in the dividend rate from 8% to 10% per annum. These amendments...Show More
On March 13, 2024, Esports Entertainment Group, Inc. (EEG) disclosed the entry into a Secured Note Purchase Agreement with the holder of its Series C and D Convertible Preferred Stock. The agreement, dated March 7, 2024, involves the issuance of a secured promissory note for approximately $1.42 million in cash, with a maturity date of March 7, 2026, and an interest rate of 10% per annum. The note is secured by a first priority interest in all of the company's tangible and intangible personal property. Additionally, EEG announced amendments to the terms of the Series C and D Preferred Stock, including a six-month standstill on certain conversions, a monthly conversion limit post-standstill, and a change in the dividend rate from 8% to 10% per annum. These amendments also stipulate that no dividends will accrue through the new maturity date unless a triggering event occurs. The transactions were approved by EEG's Board of Directors and are part of the company's strategy to reduce expenses, improve the balance sheet, and drive growth. Concurrently, the resignation of director Chul Woong Lim from the Board and its committees was announced, effective March 7, 2024, with no disagreements cited as the reason for his departure.

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