Welcome to our dedicated page for EBET news (Ticker: EBET), a resource for investors and traders seeking the latest updates and insights on EBET stock.
EBET Inc. (NASDAQ:EBET) is a global leader in online casino and sportsbook operations, dedicated to providing top-notch i-gaming wagering products for bettors worldwide. The company focuses on delivering innovative gaming experiences that cater specifically to the Millennial and Gen-Z demographics.
EBET operates several renowned online brands including Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, GenerationVIP, and Gogawi. These brands are active in over 15 countries and collectively boast over 1.4 million deposited customers. The company has received multiple prestigious awards, such as the Esport Product of the Year at the 2021 SiGMA Europe and the 2022 SiGMA Asia and SiGMA Americas Awards. Additionally, Karamba, one of EBET's brands, has been recognized for its innovation in Casino & Gaming Entertainment and named Online Casino of the Year at the 2022 SiGMA Americas Awards.
Recently, EBET has undertaken several strategic initiatives to maximize shareholder value. On July 26, 2023, the Board of Directors appointed a Strategic Alternatives Committee to explore various strategic options, including potential mergers, sales, or other transactions. Houlihan Lokey has been retained as the exclusive financial advisor for this process.
In a significant financial maneuver, EBET announced a 1-for-30 reverse stock split effective from October 2, 2023. This move reduced the number of outstanding shares from approximately 448.2 million to about 14.9 million, while maintaining the authorized shares at 500 million. This consolidation aims to enhance the per-share value and streamline the capital structure.
Furthermore, EBET has amended its $30,000,000 Term Loan and increased its Revolving Loan capacity from $2,000,000 to $4,000,000. The amendments also allow the company to defer over $339,000 of monthly cash interest payments through June 2025. However, despite these efforts, EBET's stock has been suspended from trading on the Nasdaq Capital Market as of October 13, 2023, and will now be quoted on the Pink Sheets platform.
For more details, visit EBET's official website.
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