Enthusiast Gaming Holdings Inc. - EGLX STOCK NEWS

Enthusiast Gaming has partnered with the Ad Council and COVID Collaborative to promote COVID-19 vaccine awareness among young adults through influencer marketing. The initiative focuses on addressing vaccine hesitancy, particularly among the 25% of young adults who are undecided about vaccination. A key component of the campaign is the #LGIGOTTHESHOT Twitter challenge, encouraging gamers to share their vaccination decisions. This partnership aims to leverage Enthusiast Gaming's reach within the GenZ and Millennial demographics to educate and inform young adults about vaccine safety.

Enthusiast Gaming has successfully closed a USD$46 million public offering, issuing 8 million common shares at USD$5.75 each. The offering was led by RBC Capital Markets and Canaccord Genuity, with an over-allotment option allowing the purchase of an additional 1.2 million shares until July 15, 2021. The funds will be primarily used to enhance financial stability, repay debt, and support future acquisitions. Notably, a vendor-take-back loan repayment to Blue Ant Media is part of this financial strategy.

Enthusiast Gaming (NASDAQ: EGLX) has priced its common shares offering at USD$5.75, aiming for gross proceeds of USD$46 million. This offering involves a syndicate of underwriters, including RBC Capital Markets and Canaccord Genuity, with an Over-Allotment Option for an additional 1.2 million shares. Funds from the offering will strengthen the company’s financial position and support future acquisitions and working capital. The offering is expected to close around June 15, 2021, pending necessary approvals.

Enthusiast Gaming Holdings Inc. (NASDAQ: EGLX) announced a proposed public offering of 8,000,000 common shares in the U.S. and Canada. The funds will be used to enhance the company's financial position, including future acquisitions, working capital, and debt repayment. Certain directors and Blue Ant Media will participate in a 90-day lock-up agreement. The offering is led by RBC Capital Markets and Canaccord Genuity. Additionally, an over-allotment option allows the purchase of up to 1,200,000 additional shares, exercisable for 30 days after closing. Approval is required from securities regulatory authorities.

Enthusiast Gaming (NASDAQ:EGLX) announced a collaboration with Coldplay to promote their new single, ‘Higher Power’. This unique partnership aims to blend music and gaming, offering content across Enthusiast's platform. The launch event, featuring performances by artist ZHU and DJ Harley Fresh, will be livestreamed on Twitch on May 20, 2021. CEO Adrian Montgomery expressed excitement over this strategic relationship, highlighting its potential to connect Coldplay with Enthusiast's gaming audience.

Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX) announced a correction in its financial results press release. The company mistakenly reported that Tabwire LLC had 13 billion gamer profiles instead of the correct figure of 13 million. This error pertains specifically to the acquisition announcement of Tabwire and does not affect any other information or figures from the initial press release. Enthusiast Gaming focuses on creating a media platform for video game and esports fans, engaging a targeted GenZ and Millennial audience.

Enthusiast Gaming announced impressive first quarter results for 2021, revealing a 321% revenue growth to $30 million compared to $7.1 million last year. Gross profit surged by 80% to $5.9 million. Direct sales soared to $2.2 million from $60,000 and subscription revenue increased by 50%. Despite a net loss of $13.6 million, the company reported a 49% growth in paid subscribers, reaching 137,000. Significant partnerships were formed with Samsung and TikTok, and the company strengthened its balance sheet by approximately $50 million through strategic financing.

Enthusiast Gaming Holdings Inc. has announced its acquisition of Tabwire LLC for US$11 million to develop a subscription-based social network for gamers, codenamed Project GG. This acquisition will enhance Enthusiast's technological capabilities and provide access to over 13 million gamer profiles, enabling real-time game data tracking. Tabwire has established a robust user base, with over half a billion views last year on its platforms. The deal is expected to close by the end of Q2 2021, positioning Enthusiast Gaming strategically in the gaming community.

Enthusiast Gaming Holdings has successfully completed the acquisition of Vedatis SAS for €7 million, enhancing its portfolio of fan communities. The purchase involved an initial payment of €3.5 million in cash, along with 226,563 common shares. The remaining balance may also be settled with additional shares. This acquisition is projected to boost Enthusiast Gaming's revenue and profit margins, leveraging its monetization strategies across channels like YouTube and eCommerce. Icy Veins, owned by Vedatis, is a significant fan community with over 3 billion views.