Exhibit 99.1
SUPER LEAGUE GAMING ANNOUNCES PRICING OF $8.4 MILLION UNDERWRITTEN
PUBLIC OFFERING OF COMMON STOCK
SANTA MONICA, Calif., August
27, 2020 -- Super League Gaming (Super League or the Company)
(Nasdaq: SLGG), a global leader in competitive video gaming and
esports entertainment for everyday players around the world, today
announced the pricing of an underwritten public offering of
4,540,541 shares of its common stock at a public offering price of
$1.85 per share. Gross proceeds from the offering, before
underwriting discounts and commissions and estimated offering
expenses, are expected to be approximately $8.4 million. In
addition, Super League has granted the underwriter a 30-day option
to purchase up to an additional 681,081 shares of common stock at
the same public offering price per share, to cover over-allotments,
if any.
Super League currently intends to use the net proceeds from the
offering for working capital and general corporate
purposes, including sales and marketing activities, product
development and capital expenditures.
The offering is expected to close on August 31, 2020, subject
to customary closing conditions.
National Securities Corporation, a wholly owned subsidiary of
National Holdings Corporation (Nasdaq: NHLD), is acting as
sole book-running manager for the offering.
The offering is being made pursuant to an effective registration
statement on Form S-1 (File No. 333-248248), previously filed with
the U.S. Securities and Exchange Commission (SEC) on August 21,
2020 and declared effective on August 26, 2020, as well as a
related registration statement filed with the SEC on August 27,
2020 pursuant to Rule 462(b) under the Securities Act of 1933, as
amended, which became effective automatically upon filing with the
SEC. The securities may be offered only by means of a prospectus. A
preliminary prospectus describing the terms of the public offering
has been filed with the SEC. A final prospectus will be filed with
the SEC and will be available on the SEC's website located
at http://www.sec.gov.
When available, electronic copies of the final prospectus relating
to the offering may be obtained from: National Securities
Corporation, 200 Vesey St., 25th Floor, New York,
NY 10281, by telephone at (212) 417-3634 or by email
at prospectusrequest@nationalsecurities.com.
Before investing in the offering, you should read in their entirety
the prospectus and the other documents that Super League has filed
with the SEC that are incorporated by reference in the prospectus,
which provide more information about Super League.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Super League Gaming
Super
League Gaming (Nasdaq: SLGG)
is a leading gaming community and content platform that gives
everyday gamers multiple ways to connect and engage with others
while enjoying the video games they love. Powered by proprietary
technology systems, Super League offers players the ability to
create gameplay-driven experiences they can share with friends, the
opportunity to watch live streaming broadcasts and gameplay
highlights across digital and social channels, and the chance to
compete in events and challenges designed to celebrate victories
and achievements across multiple skill levels. With gameplay and
content offerings featuring more than a dozen of the top video game
titles in the world, Super League is building a broadly inclusive,
global brand at the intersection of gaming, experiences and
entertainment. Whether to access its expanding direct audience or
the company’s unique content production and virtual event
capabilities, third parties ranging from consumer brands, video
game publishers, television companies, traditional sports
organizations, concert promoters, and more, are turning to Super
League to provide integrated solutions that drive business
growth.
Forward-Looking Statements
Certain
of the statements made in this press release are forward-looking,
such as those, among others, relating to our expectations regarding
the completion of the proposed public offering. Actual results or
developments may differ materially from those projected or implied
in these forward-looking statements. Factors that may cause such a
difference include, without limitation, risks and uncertainties
related to whether or not we will be able to raise capital through
the sale of shares of common stock, the final terms of the proposed
public offering, market and other conditions, the satisfaction of
customary closing conditions related to the proposed public
offering and the impact of general economic, industry or political
conditions in the United States or internationally. There can be no
assurance that we will be able to complete the proposed public
offering on the anticipated terms, or at all. We will need to raise
additional capital to fund our operations and may be unable to
raise capital when needed, which would force us to delay, reduce or
eliminate our current business initiatives. You should not place
undue reliance on these forward-looking statements, which apply
only as of the date of this press release. Certain other risks are
more fully discussed in the section entitled "Risk Factors" in the
preliminary prospectus and the final prospectus relating to the
public offering, our most recent annual report on Form 10-K, as
well as discussions of potential risks, uncertainties, and other
important factors in our other filings with the SEC. Our SEC
filings are available on the SEC's website at www.sec.gov. In
addition, any forward-looking statements represent our views only
as of the issuance of this release and should not be relied upon as
representing our views as of any subsequent date. We explicitly
disclaim any obligation to update any forward-looking
statements.
Investor Relations:
Sean McGowan and Cody Slach
Gateway Investor Relations
(949) 574-3860
SLG@GatewayIR.com
Media Contact:
Gillian Sheldon
(213) 718-3880
Gillian.Sheldon@superleague.com