Esports Entertainment Group Announces Closing of Above Market $8.4 Million Public Offering and Uplisting to Nasdaq

Esports Entertainment Group, Inc. a licensed online gambling company with a focus on esports wagering and 18+ gaming, today announced the closing of its previously announced underwritten public offering of 1,980,000 units at a price to the public of $4.25 per unit. Each unit issued in the offering consists of one share of common stock, one Unit A Warrant to purchase one share of common stock and one Unit B Warrant to purchase one share of common stock. The common stock, Unit A Warrants and Unit B Warrants were immediately separable from the units and were issued separately. The common stock and Unit A Warrants began trading on the Nasdaq Capital Market on April 14, 2020. Esports Entertainment Group received gross proceeds of approximately $8.4 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

Each Unit A Warrant is immediately exercisable for one share of common stock at an exercise price of $4.25 per share and will expire 5 years from issuance, and each Unit B Warrant is immediately exercisable at an exercise price of $4.25 per share and will expire one year from issuance.

Esports Entertainment Group has granted the underwriters a 45-day option to purchase up to 297,000 additional shares of common stock, and/or 297,000 Unit A Warrants, and/or 297,000 Unit B Warrants, or any combination thereof, to cover over-allotments, if any. On April 16, 2020, the Company issued additional Unit A Warrants to purchase 209,400 shares of the Company”™s common stock and additional Unit B Warrants to purchase 209,400 shares of the company’s common stock pursuant to the partial exercise  of the underwriters”™ over-allotment option in connection with the offering.

Maxim Group LLC acted as the lead book-running manager for the offering. Joseph Gunnar & Co., LLC acted as co-book-running-manager for the offering.

The offering was conducted pursuant to the Company’s registration statement on Form S-1 (File No. 333-231167) previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”).  A prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at https://www.sec.gov.  Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.