Esports Entertainment Group has submitted an application to list its common shares across the NASDAQ Capital Market which will see the operator use the generated funds to support its Malta gaming licence application.
The esports betting operator is yet to confirm just how many securities will be offered on the market, as well as the type to be listed, with a price range set to be determined imminently. However, Esports Entertainment has stated that the proposed maximum aggregate offering was likely to be $11.5m (£9.0m/€10.1m).
“Given the tremendous progress of our esports betting platform, including partnering with more than 190 esports teams from around the world, we believe the company is now well positioned to pursue additional growth opportunities,” Esports Entertainment chief executive Grant Johnson said.
“A NASDAQ listing, if successful, will broaden our access to a larger and international group of investors as we seek to become a truly global company.”
As well as underpinning the financials for its Malta licence, Esports Entertainment has set out plans to establish a base in Malta, with further plans to use funds raised through the initial public offering to pursue another licence, in a yet-to-be-selected Asian market.
Joseph Gunnar & Co and Dinosaur Financial are due to serve as underwriters for the proposed offering.
Through the fundraising, the operator will make improvements to both its software and systems, with some funds set to be distributed to the development and launch of skill-based video game tournaments across PC, mobile and gaming consoles, as well as purchasing a software licence for its gambling platform.