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Esports Leisure Group, Inc. Announces Reverse Inventory Break up

Esports Leisure Group, Inc. Announces Reverse Inventory Break up

St. Julians, Malta–(Newsfile Corp. – February 21, 2023) – Esports Leisure Team, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (the “Corporation”) now announced that it will influence a 1-for-100 reverse stock break up of its superb widespread inventory, successful today at 7:00 p.m. Japanese Regular Time (4:00 p.m. Pacific Regular Time). Beginning on February 22, 2022, the Firm’s popular stock will open for investing on The Nasdaq Capital Market place (“Nasdaq”) on a split altered foundation below the current investing symbol “GMBL,” but will trade less than the new CUSIP range 29667K504.

On January 26, 2023, the Firm’s shareholders accredited the reverse stock split without having a corresponding reduction in the total number of licensed shares of the Firm’s widespread inventory, and granted the Firm’s board of administrators discretionary authority to decide on the ratio for the reverse inventory split ranging from 1-for-20 to 1-for-100. The board of administrators accredited the reverse inventory split at a ratio of 1-for-100. The Company’s Board of Directors approved the reverse inventory break up with the aim of regaining compliance with the Nasdaq $1.00 minimum bid cost requirement. The Enterprise has until eventually March 7, 2023 to comply with this necessity. To comply with this need, the closing bid selling price of the Firm’s common stock have to be at minimum $1.00 for every share for a minimum amount of 10 consecutive enterprise times by way of March 7, 2023. There is no promise the Firm will meet up with the bare minimum bid selling price requirement.

As a result of the reverse stock break up, each and every 100 shares of popular stock issued and excellent as of the efficient day will be immediately blended into a person share of widespread inventory. The reverse inventory split will not adjust the conditions of the common inventory. Excellent warrants, fairness-based mostly awards and other exceptional equity rights will be proportionately adjusted by dividing the shares of popular stock fundamental the securities by 100 and multiplying the physical exercise/conversion price, as the circumstance may well be, by 100. The reverse inventory break up will also implement to widespread inventory issuable on the conversion of the Company’s Senior Convertible Take note dated February 22, 2022 (the “Senior Convertible Take note”), with the Conversion Selling price, as outlined in the Senior Convertible Observe, getting subject to adjustment below the terms of the Senior Convertible Observe and the Modification and Waiver to the Senior Convertible Note dated February 16, 2023. The 10% Sequence A Cumulative Redeemable Convertible Most popular Stock will not be afflicted by the reverse inventory split.

No fractional shares will be issued in connection with the reverse stock split. Any fractional shares of widespread inventory resulting from the reverse stock split will be rounded up to the nearest complete submit-break up share and no shareholders will acquire dollars in lieu of fractional shares.

Stockholders keeping their shares electronically in e book-entry kind are not expected to consider any action to acquire article-split shares. Stockholders proudly owning shares via a bank, broker or other nominee will have their positions mechanically adjusted to mirror the reverse stock break up, issue to brokers’ specific procedures, and will not be needed to just take any motion in relationship with the reverse stock split. For those stockholders holding bodily stock certificates, the Firm’s transfer agent, VStock Transfer, LLC, will send guidelines for exchanging those certificates for shares held electronically in reserve-entry variety or for new certificates, in either circumstance symbolizing the submit-split variety of shares.

This push launch shall not constitute an offer to provide or a solicitation of an present to purchase any of our securities or any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which these types of supply, solicitation or sale would be unlawful prior to the registration or qualification less than the securities guidelines of any these kinds of point out or other jurisdiction.

About Esports Leisure Group

EEG is a total-assistance esports and on the net betting enterprise. EEG focuses on two verticals: Video games and iGaming. EEG Game titles gives esports leisure encounters to players by way of a blend of proprietary infrastructure computer software that consists of ggCircuit and our EGL (“Esports Gaming League”) event platform. EEG iGaming is a accredited operator of on-line casino and sportsbook providers for gaming consumers mostly in Europe. EEG iGaming operates proprietary know-how that facilitates wagering, payments, payment automation, bonusing, loyalty, compliance and casino integrations. EEG has workplaces in New Jersey, Estonia, the United Kingdom, and Malta. For more information, go to www.esportsentertainmentgroup.com.

Ahead-Hunting Statements

The info contained herein incorporates forward-looking statements, as described in the Personal Securities Litigation Reform Act of 1995. Ahead-searching statements commonly can be discovered by words this sort of as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “ideas,” “predicts,” “jobs,” “will be,” “will proceed,” “will likely outcome,” and identical expressions. These statements relate to foreseeable future situations or to our upcoming fiscal effectiveness, and entail identified and unidentified hazards, uncertainties and other aspects that might induce our actual final results, degrees of exercise, overall performance, or achievements to be materially unique from any long term final results, amounts of action, general performance or achievements expressed or implied by these ahead-seeking statements. You really should not put undue reliance on ahead-on the lookout statements due to the fact they entail known and unfamiliar hazards, uncertainties and other aspects which are, in some circumstances, over and above our manage and which could, and possible will, materially have an impact on true effects, amounts of activity, effectiveness or achievements. Aspects that could bring about or contribute to these kinds of variations involve, but are not constrained to, these reviewed in our most new Yearly Report on Kind 10-K and subsequent Quarterly Reports on Form 10-Q, and those people reviewed in other paperwork we file with the SEC, concerning our skill to continue as a going worry, our means to get back compliance with Nasdaq Listing Procedures, our sizeable indebtedness, and our obligations below our Senior Convertible Observe. Any forward-looking assertion displays our current views with respect to foreseeable future activities and is subject to these and other pitfalls, uncertainties and assumptions relating to our functions, effects of functions, development technique and liquidity. We think no obligation to publicly update or revise these ahead-searching statements for any purpose, or to update the factors true benefits could differ materially from individuals predicted in these ahead-seeking statements, even if new information and facts will become out there in the foreseeable future, except if demanded by law. The secure harbor for ahead-hunting statements contained in the Non-public Securities Litigation Reform Act of 1995 shields businesses from legal responsibility for their ahead-wanting statements if they comply with the necessities of the Act.

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To look at the source version of this press launch, be sure to check out https://www.newsfilecorp.com/release/155605