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Mobile Global Esports Announces Pricing of $6.0 Million IPO

Thursday, July 28, 2022 6:14 PM
Mobile Global Esports
https://www.mogoesports.com
Topic:
IPO

SAN CLEMENTE, CA and GOREGAON EAST, MUMBAI, INDIA / ACCESSWIRE / July 28, 2022 / (NASDAQ:MGAM) Mobile Global Esports Inc. ("MOGO" or "the Company"), a mobile esports company with an esports and social platform that includes proprietary compression technology, as well as holding trademark and IP rights for collegiate esports tournaments and players in India, today announced the pricing of its initial public offering of 1,500,000 common shares at a public offering price of $4.00 per share, for gross proceeds of approximately $6.0 million before deducting offering expenses. In addition, the Company has granted the Underwriters a 30 day over-allotment option to purchase an additional 15% or 225,000 shares.

The shares are expected to begin trading on the Nasdaq Capital Market on July 29, 2022 under the ticker symbol "MGAM." The offering is expected to close on August 2nd, 2022, subject to satisfaction of customary closing conditions.

WestPark Capital, Inc. is the sole Book-Runner and Underwriter for the offering.

A registration statement on Form S-1 (File No. 333261877) relating to the common shares was filed with the Securities and Exchange Commission (the "SEC") and became effective on July 28, 2022. This offering is being made only by means of a prospectus. Copies of the final prospectus, when available, may be obtained on the SEC's website, www.sec.gov, or from WestPark Capital, Inc., 1800 Century Park East, Suite 220, Los Angeles, CA 90067, by phone at (310) 843-9300, or by email through the contact form at https://wpcapital.com/general-contact-information/.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Mobile Global Esports, Thursday, July 28, 2022, Press release picture

About Mobile Global Esports, Inc.

Mobile Global Esports ("MOGO" or "Mogo," or the "Company") was organized in March of 2021 to carry on and expand an esports business (the "Business") started by Sports Industry of India ("SII"), in 2016. Through a series of contracts, the rights to the Business were assigned to MOGO by SII and its affiliates beginning in October of 2021. MOGO is now building out and expanding the business created by SII, which is focused on the rapidly growing esports industry, with special emphasis on India and other South Asian markets. The Indian market for esports, and particularly university esports events in India.

For more information about the Company, please visit https://www.mogoesports.com/

Mobile Global Esports, Inc. 616 South El Camino Real, San Clemente, CA 92672, (949) 573-0628.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements involve risks and uncertainties and include statements regarding, among other things, our projected revenue growth and profitability, our growth strategies and opportunity, anticipated trends in our market and our anticipated needs for working capital. They are generally identifiable by use of the words "may," "will," "should," "anticipate," "estimate," "plans," "potential," "projects," "continuing," "ongoing," "expects," "management believes," "we believe," "we intend" or the negative of these words or other variations on these words or comparable terminology. In particular, these include statements relating to future actions, prospective products, market acceptance, future performance, results of current and anticipated products, sales efforts, expenses, and the outcome.

These statements are based on our management's expectations, beliefs and assumptions concerning future events affecting us, which in turn are based on currently available information. These assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking statements are reasonable, our expectations may prove to be incorrect.

Media Contact: Rich Schineller for Mobile Global Esports, Inc. [email protected]

SOURCE: Mobile Global Esports

Topic:
IPO
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