Esports Entertainment Group files Form 15 to voluntarily deregister and suspend its SEC reporting requirements

St. Julian’s, Malta–(Newsfile Corp. – July 9, 2024) – Esports Entertainment Group, Inc. (OTCQB: GMBL) (OTCQB: GMBLP) (OTC Pink: GMBLW) (OTC Pink: GMBLZ) (“Esports Entertainment”, “EEG” or the “Company”), a global iGaming company and provider of business-to-business (B2B) esports content and solutions, today announced that it has filed a Form 15 with the Securities and Exchange Commission (the “SEC”) to deregister its common stock, common purchase options and 10% Series A Cumulative Redeemable Convertible Preferred Stock under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and to suspend its reporting obligations under Section 15(d) of the Exchange Act. The Company’s obligation to file periodic reports with the SEC, including reports on Forms 10-K, 10-Q and 8-K, will be suspended immediately upon the filing of Form 15. Once Form 15 becomes effective, which is expected to occur within 90 days of filing, the Company will no longer be a publicly traded company and its obligations to file other reports with the SEC will also be suspended.

The deregistration is intended to further reduce the complexity and cost of public reporting following the recent voluntary delisting of the securities from the Nasdaq Stock Exchange and to allow the management team to focus on the Company’s core business activities. The deregistration will have no other impact on the Company’s operations.

About Esports Entertainment Group

Esports Entertainment Group is a global, MGA-licensed, “eSports” focused iGaming B2C operator and a US-focused B2B esports solutions provider. The Company owns and operates the world’s leading esports venue management system, currently in use at over 1000 venues worldwide, including more than 200 colleges and universities. The Company’s strategy is to capitalize on the multi-billion dollar esports and esports betting market by leveraging its leading position in the industry. The Company is also targeting the rapidly growing market for short-form esports betting content, which includes competitive, short-cycle head-to-head leagues optimized for betting. In addition to its plans to distribute esports content, the Company currently offers B2C focused betting through its MGA-licensed suite of brands. For more information about the company, please visit www.esportsentertainmentgroup.com.

Forward-looking statements

The information contained herein contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “will continue,” “will likely result” and similar expressions. These statements relate to future events or to our strategies, target markets and future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that, in some cases, are beyond our control and that may, and likely will, materially affect actual results, levels of activity, performance or achievements. Factors that could cause or contribute to such differences include, among others, those discussed in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as those discussed in other documents we have filed with the SEC, including our obligations under our outstanding secured debt and amended preferred stock, the settlement agreement with the holder of our secured debt, Series C and Series D preferred stock, our ability to effectively deregister our securities within our expected timeframe, our capital and liquidity needs and our ability to continue as a going concern. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions regarding our business, results of operations, growth strategy and liquidity. We undertake no obligation to publicly update or revise these forward-looking statements for any reason or to update the reasons why actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, unless required by law. The safe harbor for forward-looking statements in the Private Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements provided they comply with the requirements of that act.

Contact:

E-mail: [email protected]

To view the original version of this press release, please visit https://www.newsfilecorp.com/release/215993