Sharplink Gaming Ltd Stock Price, News & Analysis

SharpLink Gaming (NASDAQ: SBET) has announced the pricing of a public offering to raise approximately $4.5 million through the sale of up to 1,530,612 shares of common stock at $2.94 per share. The offering, expected to close around May 21, 2025, is being conducted on a "reasonable best efforts" basis with A.G.P./Alliance Global Partners serving as the sole placement agent.

The company, which specializes in online performance-based marketing for U.S. sports betting and global iGaming industries, plans to use the net proceeds for working capital, general corporate purposes, and other initiatives detailed in the prospectus. The offering is made pursuant to an effective registration statement on Form S-1 filed with the SEC.

SharpLink Gaming (NASDAQ: SBET) has announced a 1-for-12 reverse stock split of its outstanding common stock, effective for trading on May 6, 2025. The reverse split aims to increase the per share trading price to meet Nasdaq's $1.00 minimum bid price requirement for continued listing. Under the split, every twelve pre-split shares will combine into one share, affecting both common stock and shares issuable through warrants and stock options. The company will maintain its "SBET" trading symbol but operate under a new CUSIP number (820014405). Fractional shares will be rounded to the nearest whole post-split share, with no cash provided for fractions.

SharpLink Gaming (SBET) has received an extension from the Nasdaq Hearings Panel until May 23, 2025 to regain compliance with two critical listing requirements. The company must meet the minimum bid price requirement of $1.00 per share and maintain minimum stockholders' equity of $2.5 million.

Following a hearing on February 25, 2025, the Panel granted SharpLink's request for continued listing, subject to specific conditions. The company must demonstrate compliance with both requirements and provide detailed public disclosure of any equity-increasing transactions by the deadline. Additionally, SharpLink needs to submit updated fundraising plans and 12-month income projections.

The company's common stock will remain listed and tradeable on Nasdaq during this compliance period. CEO Rob Phythian expressed satisfaction with the Panel's decision and committed to executing necessary initiatives to achieve compliance goals.

SharpLink Gaming (SBET) reported its full year 2024 financial results, showing mixed performance. Revenue declined 26.1% to $3.66 million from $4.95 million in 2023. However, the company achieved net income of $10.1 million ($2.29 per share) compared to a net loss of $14.24 million in 2023, primarily due to discontinued operations.

Key developments include the sale of Sports Gaming Client Services and SHGN businesses to RSports Interactive for $22.5 million, enabling debt reduction of $19.4 million. Operating expenses decreased 45.6% to $5.67 million. Cash position stood at $1.44 million, down 42.2% year-over-year.

The company raised $1.83 million through an At-The-Market Offering and acquired a 10% stake in Armchair Enterprises (CryptoCasino.com) for $500,000. SharpLink also completed its domestication merger, transitioning from an Israeli company to a Delaware , and initiated a strategic review process to evaluate potential business combinations.

SharpLink Gaming (Nasdaq: SBET) has acquired a 10% equity stake in Armchair Enterprises, owner of CryptoCasino.com, for $500,000 in cash. The deal includes a right of first refusal to acquire a controlling interest in the UK-based company. This investment marks SharpLink's strategic move into the crypto gaming market, aiming to become the first Nasdaq-listed company focused on this sector.

Launched in October 2024, CryptoCasino.com is an online gaming platform offering over 6,000 games, including slots, table games, live dealer casino, sportsbook, and eSports betting. The platform accepts various cryptocurrencies and features both traditional registration and Web3 connectivity through wallets like MetaMask and Trust Wallet. It also integrates with Telegram, serving over one billion unique users.

According to Fortune Business Insights, the online gambling market is projected to reach $158.20 billion by 2028, with blockchain-based gaming growing at a CAGR of 12.5% from 2023 to 2028.

SharpLink Gaming (Nasdaq: SBET) has announced its 2024 Annual General Meeting of Stockholders, scheduled for December 9, 2024. Key proposals include the reelection of board members, approval of a reverse stock split up to 6:1, and appointment of Cherry Bekaert as independent auditors. The reverse stock split is primarily proposed to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share, as the company received a non-compliance notice on July 11, 2024, with a deadline to comply by January 7, 2025.

SharpLink Gaming (Nasdaq: SBET) reported financial results for Q3 2024, showing mixed performance. Revenues decreased 27.7% to $2.8M for the first nine months of 2024, and Q3 revenues declined 34.7% to $881.7K. However, operating expenses decreased significantly, dropping 25.9% for the nine-month period and 46% in Q3. The company reported net income of $11M for the nine months, largely due to a $22.5M cash sale of its SportsHub businesses. Cash position stood at $1.85M as of September 30, 2024, with total stockholders' equity of $2.02M, improved from a deficit of $9.4M at end-2023.

SharpLink Gaming (Nasdaq: SBET) reported its Q2 2024 financial results, highlighting strategic initiatives to strengthen its balance sheet and focus on performance-based marketing. Key developments include:

- Sale of SportsHub Games Network for $22.5 million
- Extinguishment of all interest-bearing debt
- Raising $71,356 from At-the-Market Offering
- Receipt of $297,387 earn-out from MTS sale

Financial highlights:
- Q2 2024 revenue: $981,272 (27% YoY decline)
- H1 2024 revenue: $1,957,218 (24% YoY decline)
- Q2 2024 net loss: $462,959 (improved from $3,441,158 in Q2 2023)
- H1 2024 net income: $11,887,397 (up from $6,264,904 loss in H1 2023)
- Cash on hand as of June 30, 2024: $2,435,600

SharpLink Gaming (Nasdaq: SBET), an online performance-based marketing company in the U.S. sports betting and iGaming industries, has initiated a formal review process to evaluate strategic alternatives. The company's Board of Directors is considering multiple proposals, including potential sale, merger, or strategic business combination. This decision follows the strategic sale of their fantasy sports and sports games development businesses for $22.5 million in January 2024, elimination of interest-bearing debt, and redomestication from Israel to Delaware.

CEO Rob Phythian emphasized SharpLink's transformation into a pure-play, Nasdaq-listed affiliate marketing company with a strong balance sheet. The company aims to optimize operations, drive growth, and maximize shareholder value through this process. No deadline has been set, and there's no guarantee of a transaction resulting from this review.