Super League Announces Pricing of $2.2 Million Underwritten Public Offering

SANTA MONICA, Calif., Aug. 21, 2023 (GLOBE NEWSWIRE) -- Super League Gaming, Inc. (Nasdaq: SLGG) (“Super League” or the “Company”), a leading publisher and creator of immersive experiences across the world’s largest metaverse gaming platforms, announced today the pricing of an underwritten public offering with gross proceeds to the Company expected to be approximately $2.2 million, before deducting underwriting discounts and other estimated expenses payable by the Company. The base offering consists of 16,923,077 shares of common stock (or pre-funded warrants in lieu of common stock) at a price to the public of $0.13 per share (less $0.001 in exercise price per pre-funded warrant). The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.

In addition, the Company has granted Aegis Capital Corp. a 45-day option to purchase common shares and pre-funded warrants of up to 15% of the number of common shares and pre-funded warrants sold in the offering solely to cover over-allotments, if any. If this option is exercised in full, the total gross proceeds of the offering including over-allotments are expected to be approximately $2.5 million before deducting underwriting discounts, commissions and offering expenses.
The offering is expected to close on August 23, 2023, subject to the satisfaction of customary closing conditions.

Aegis Capital Corp. is acting as the sole book-running manager for the offering.

This offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-259347), declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on November 16, 2021. A preliminary prospectus supplement and accompanying shelf prospectus describing the terms of the proposed offering have been filed with the SEC and are available on the SEC's website located at http://www.sec.gov. Electronic copies of the preliminary prospectus supplement and the accompanying shelf prospectus may be obtained by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [e-mail], or by telephone at [phone]. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC and that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.