Super League Answers Recently Asked Investor Questions
SANTA MONICA, Calif., Aug. 24, 2023 (GLOBE NEWSWIRE) -- Super League
(Nasdaq: SLGG), a global leader in providing immersive experiences across the world's largest metaverse gaming platforms, today issued a letter to shareholders from Chief Executive Officer, Ann
Hand, to address the Company's most recent frequently asked questions.
To My Fellow Shareholders,
We have been meeting with many of you recently and have very much enjoyed the conversations. For those loyal followers and supporters of ours we have not had the pleasure of connecting with
recently we felt it was important to update you with the questions we are often fielding.
Financials & Capital Markets
Can you discuss the recent capital raise?
During the period from October 2022 through May 2023, we commenced a series of rolling closings of series A and AA preferred financings. Including the most recently announced public offering, to
date we have raised $26.6 million of gross proceeds, before related fees, through retail, high-net worth and family offices. Excitingly, we were able to deploy $4.5 million of the money raised to
extinguish all of our debt. Completing this financing was vital to support our long-term growth strategy. During the period, we enhanced our balance sheet, while obtaining the necessary
capital to fund operations and fuel our near-term growth initiatives. We believe this is also a testament to the strength of our team, our strategic vision and confidence in our ability to execute.
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What runway do you have today with your recent capital raise? Do you anticipate additional dilution?
Our monthly burn during the second quarter of 2023 was approximately $1.4 million. In 2022 we commenced a more comprehensive cost-reduction exercise resulting in an elimination of approximately 35%
of costs from our business on a full year run-rate business. Our blended full year 2023 monthly cash burn is expected to be closer to the $1.0 million range. We are starting to see the early signs
of breakeven, which we believe we can begin to achieve in the first half of 2024. We are very conscious about the costs of raising capital in today’s environment and because we have
line of sight towards breakeven, we plan to be careful yet opportunistic as it relates to future funding needs.