Enthusiast Gaming Holdings Inc. - EGLX STOCK NEWS

Enthusiast Gaming Holdings announced robust financial results for Q2 2022, with revenue of $51.1 million, a 38% increase year-over-year, and gross profit of $15.3 million, up 91%. The gross margin reached 30%, an increase of 840 basis points, driven by subscription and direct sales growth. The company reported substantial increases in paid subscribers (66%), totaling 258,000. Strategic partnerships were formed with notable brands, and the company continues to refine its business model to unlock new revenue opportunities.

Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX; TSX:EGLX) announces significant changes in its senior management team and Board of Directors to enhance its gamer-focused leadership. Adrian Montgomery remains CEO until a successor is found. Bill Karamouzis is appointed President, while Bill Drolet becomes Chief Revenue Officer, and Amanda Rubin steps up as SVP of Global Sales. JB Elliott joins as SVP, Legal and General Counsel. Erin Torbiak takes on the role of General Manager, Addicting Games. John Albright has been named Chair of the Board, succeeding Thamba Tharmalingam, who has left the company.

Enthusiast Gaming Holdings (NASDAQ:EGLX; TSX:EGLX) is set to release its financial and operational results for Q2 ending June 30, 2022, on August 15, 2022, post-market. A conference call will follow at 5:00 p.m. ET to discuss the results. For those unable to attend, a recording will be available on the company's Investor Relations page.

The company is focused on creating a leading media and content platform for gaming and esports fans, engaging GenZ and Millennial audiences through its integrated approach across media, talent, esports, and experiences.

Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX) announced the successful election of its Board of Directors at the Annual General Meeting on July 19, 2022. All proposed nominees were elected, with John Albright receiving 97.66% of votes in favor. Additionally, shareholders voted to maintain the board size at ten and re-appointed KPMG LLP as auditors, achieving 98.64% support for the latter. This structured governance reflects Enthusiast Gaming's commitment to effective management and transparency.

Enthusiast Gaming Holdings (NASDAQ:EGLX) announced its revised slate of director nominees ahead of the annual general meeting scheduled for July 19, 2022. The Supplement to the management information circular details ten nominees, including John Albright and Richard Sherman. Shareholders are advised to disregard previously issued gold proxy forms as Greywood Investments withdrew its alternative slate. Voting can be conducted using the new blue proxy form, which grants discretionary authority for management to vote on amendments and the election of director nominees.

On July 7, 2022, Enthusiast Gaming (NASDAQ:EGLX) announced significant leadership changes, with Adrian Montgomery transitioning from CEO to Chair of the Board. The company will see the addition of David Goldhill and Janny Lee as Directors, nominated by Greywood Investments, who has withdrawn its alternative slate of directors. This new board aims to strengthen growth and profitability strategies. A search committee will be formed to identify both an interim and a permanent CEO. The upcoming annual general meeting is scheduled for July 19, 2022.

Enthusiast Gaming Holdings Inc. (EGLX) announced significant growth and achievements under its current leadership since September 2019. Revenue surged to $47.2 million in Q1 2022, representing a 57% year-over-year increase. The company is implementing a strategic review and offering Greywood Investments a board nominee position to alleviate distractions from their dissident campaign. Enthusiast is well-positioned for future growth, aiming for EBITDA and cash-flow positivity by year-end while also focusing on increasing shareholder value. Shareholders are urged to vote for Enthusiast's nominees by July 15, 2022.

Enthusiast Gaming Holdings (NASDAQ:EGLX) announced its nominees for the Board of Directors at the upcoming Annual General Meeting. The selection includes six incumbents and three new nominees, aimed at driving the company’s growth in gaming and esports. Revenue reached $47.2 million in Q1 2022, a 57% increase from the previous year, with gross profit of $13.5 million. The new Board members, Angela Ruggiero, Scott O’Neil, and Seth Berger, bring extensive experience from the sports and gaming industries, reinforcing Enthusiast's strategy for higher margin revenue.

Enthusiast Gaming Holdings (NASDAQ:EGLX; TSX:EGLX) announced on June 2, 2022, it settled over US$40 million in deferred payments related to its acquisitions by issuing 16,168,836 common shares at an average value of US$2.47 each. The payments to vendors of Addicting Games, Outplayed, and Vedatis were negotiated to conserve cash and mitigate share price volatility. Additionally, the company offered dissident shareholder Greywood Investments the chance to maintain their stake with a private placement of shares. The AGM has been postponed to July 19, 2022.