sports Entertainment Group, Inc., a licensed online gambling company with a specific focus on eSports wagering, announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission (SEC) relating to a proposed offering of its securities. Though the number and type of securities to be offered and the price range for the offering have not yet been determined, the proposed maximum aggregate offering is USD 11,500,000.
The company expects to use the net proceeds from the proposed offering for a number of purposes. The firm seeks to obtain its proposed license and establish operations in Malta; to obtain an online gaming license from, and establish operations in, an Asian country to be selected.
Further purposes are to develop and launch the company’s skill-based video game tournaments for play on mobile devices, PCs and video game consoles; to upgrade sales and marketing capabilities; to purchase from a related party a software license for its gambling platform; working capital and other general corporate goals.
Joseph Gunnar & Co. and Dinosaur Financial Group will be co-underwriters for the proposed offering, which will be made only by means of a prospectus. The registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. The company stated that these securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.