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WestPark Capital announced the closure of a registered direct offering for EBET, consisting of 6,372,530 shares of common stock and a concurrent private placement of warrants to purchase an equal number of shares. The offering was priced at $1.02 per share, adhering to Nasdaq rules, yielding gross proceeds of $6.5 million before fees and expenses. This issuance is conducted under an effective shelf registration statement with the SEC, allowing EBET to raise capital for future growth initiatives and strengthen its balance sheet.
Positive
Gross proceeds of $6.5 million to support growth initiatives.
Offering conducted under an effective shelf registration provides flexibility in future capital raises.
Negative
Shareholder dilution from the offering of common stock and warrants.
LOS ANGELES--(BUSINESS WIRE)--
WestPark Capital, a Los Angeles based international investment bank and securities firm, announced today that it closed a registered direct offering of 6,372,530 shares (the "Shares") of common stock, and a concurrent private placement of warrants to purchase 6,372,530 shares (the "Warrant Shares") of common stock (the "Warrants") at a combined purchase price of $1.02 priced at-the-market under Nasdaq rules for EBET, a global provider of advanced wagering products and technology. The gross proceeds to EBET from this offering were $6.5 million before deducting placement agent fees and other estimated offering expenses.
WestPark Capital, Inc. was the Exclusive Placement Agent for the offering.
The offering of the Shares was made pursuant to an effective shelf registration statement on Form S-3 (No. 333-265538) previously filed with the U.S. Securities and Exchange Commission (the "SEC") that was declared effective by the SEC on June 22, 2022. A prospectus supplement and accompanying prospectus describing the terms of the proposed offering was filed with the SEC and is available on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained from WestPark Capital, Inc., 1800 Century Park East, Suite 220, Los Angeles, CA 90067, by phone at (310) 203-2919, or by email at syndicate@wpcapital.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About WestPark Capital, Inc.
WestPark Capital is a full-service investment bank focused on emerging growth sectors such as healthcare, software, technology, biotechnology, financial services, manufacturing, consumer products, media and telecom industries, among other categories. WestPark Capital provides a comprehensive range of corporate finance services, including initial public offerings, follow-on offerings, private placements, CMPOs, RDs, ATM, SIPOs and corporate finance advisory services. Additional information about WestPark Capital is available at www.wpcapital.com or at info@wpcapital.com.
