Slinger Raises $11M in Oversubscribed Round to Continue Growth
Slinger (SLBG) has successfully completed a private placement offering to enhance its growth trajectory as a connected sports company. This funding round includes participation from small cap-focused investment funds and high-net-worth individuals. Slinger reported FY 2020 gross sales of $11.2 million, selling approximately 20,000 units of its flagship product, the Slinger Bag. The company aims to deepen its global tennis market presence while launching new products, including an AI-powered app and additional ball launchers, furthering its mission to innovate sports technology.
- Completed a successful private placement offering to strengthen financial position.
- Reported FY 2020 gross sales of $11.2 million and about 20,000 units sold.
- Plans to launch an AI-powered Slinger app and two new ball launchers this year.
- Expanding into new sports verticals and enhancing global market penetration.
- None.
This financing round will enable Slinger to continue its evolution into a leading connected sports company in tennis and across new sport verticals
BALTIMORE, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Slinger (OTCQB: SLBG), a sports brand focused on innovating game improvement technology and equipment, with the vision to become a leading connected sports company, has announced today the successful completion of a private placement offering. Participating investors in this funding round include several leading small cap focused investment funds as well as several high net worth individual investors. Slinger recently announced its FY 2020 financial results, with gross sales of
Slinger has taken the global tennis market by storm since 2020 and is now distributed in nearly 60 countries across six continents. The Company’s flagship product is the Slinger Bag, a portable, versatile and affordable tennis ball launcher, which has achieved widespread adoption by tennis enthusiasts around the world. The company is set to release its AI-powered Slinger app later this summer.
Today’s financing news further enables Slinger to continue its evolution into a leading global connected sports company with key hires to the team, further product enhancements, and new technologies. In addition to the Slinger app, Slinger has plans to release two new ball launchers this year, enter new sport verticals, and deepen its penetration within the global tennis market. Just as leading companies have been able to do in the health and wellness space, Slinger believes that the opportunity to create an engaging omnichannel experience in tennis, and soon other sports, is vast.
“I am delighted to share this important milestone with our shareholders, as this round of financing comes at a key time for Slinger,” said Slinger CEO Mike Ballardie. “We have aggressive growth plans and have successfully identified capital partners that are aligned with our vision. This financing strengthens our balance sheet while minimizing dilution, and provides us with the ability to execute quickly with our strategic plans. Additionally, these funds provide us with support for our planned uplisting, furthering our ability to build value for our shareholders. The oversubscription of our raise is a testament to the belief our investors have in the long term vision and capabilities of the Slinger team,” concluded Ballardie.
Spartan Capital Securities, LLC acted as lead placement agent for the offering. Revere Securities LLC served as co-placement agent. Further details on the financing are contained in the Company’s form 8K filed on August 10, 2021.
The Slinger Bag is available to order now - to find out more about Slinger, visit https://slingerbag.com.
ENDS
For Slinger Investor Relations inquiries visit www.slingerbagir.com, or contact investors@slingerbag.com or 443-407-7564
For Slinger media enquiries in U.K, Europe and Australia contact the UK Press Office, Joe Murgatroyd, Press@slingerbag.com, at Brandnation, +44(0)207 940 7294
For Slinger media enquiries in U.S & Canada contact the US Press Office, Brigid Margeson, bmargeson@uproarpr.com, at Uproar PR, 415.939.8779
Slinger Legal Counsel: Kalfa Law. Contact: shira@kalfalaw.com
About Slinger Bag®: Slinger® is a new sports brand focused on delivering innovative, game improvement technologies and equipment across all ball sport categories. With the vision to become a leading connected sports company, Slinger® enhances the skill and enjoyment levels of players of all ages and abilities. Slinger® is initially focused on building its brand within the global tennis market, through its Slinger Bag® Tennis Ball Launcher and Accessories. Slinger Bag® has underpinned its proof of concept with over
Slinger Disclaimer: Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company’s products and services, the ability to complete development plans in a timely manner, changes in relationships with third parties, product mix sold by the Company and other factors described in the Company’s most recent periodic filings with the Securities and Exchange Commission, including its 2019 Annual Report on Form 10-K and quarterly reports on Form 10-Q.
Forward-Looking Statements: This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company's product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statement that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential, "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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