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Engine Media Holdings has announced commitments for a $15 million private placement, raising the total capital to approximately $33 million. The financing has attracted strategic investors, including Executive Chairman Tom Rogers and CEO Lou Schwartz. Each of the 2,000,000 units offered at US$7.50 includes a share and a warrant, allowing purchase of additional shares at US$15.00 for three years. Additionally, the company's Audit Committee will see leadership changes, with Lawrence Rutkowski becoming Chairman.
Engine Media Holdings announced an extension of its advertising representation agreement with Newsweek, enhancing its programmatic advertising capabilities. The agreement extends Frankly Media's access to Newsweek's mobile and digital platforms, reaching over 100 million unique viewers monthly. Engine Media aims to develop content for gamers and tech-savvy consumers. Notably, Frankly Media will receive increased commissions and make advance revenue share payments totaling US$6 million. This agreement reinforces Engine Media's strategy to connect brands with consumers via multiple platforms.
Engine Media Holdings reported first quarter revenues of $7.5 million, marking a remarkable 824% year-over-year growth. The quarterly revenue exit run rate is projected at $30+ million. The company completed a non-brokered private placement unit offering totaling $17.8 million and settled $10.7 million in convertible debt. Despite a net loss of $4.4 million, an improvement from $6.0 million the prior year, the company focuses on expanding its business-to-business software, direct-to-consumer growth, and enhancing cost efficiency.
Engine Media Holdings, Inc. (OTCQB: MLLLF) reported progress in finalizing the acquisition of Allinsports but revealed that not all closing conditions have been met. Allinsports shareholders believe the conditions have been satisfied, leading to ongoing discussions to resolve discrepancies. Further updates on the situation are expected. Engine Media aims to enhance its esports and interactive gaming portfolio through this strategic acquisition.
Engine Media (OTCQB: MLLLF) will host the "Gamer Safe Place" workshop on October 1, 2020, featuring 14 female gaming leaders discussing strategies for creating safer gaming environments. This two-hour event will be moderated by Reinessa Gaming and will serve as a precursor to the upcoming Fall Guys Tournament Series, starting on October 2, 2020. The initiative supports inclusivity in the esports community, addressing issues such as harassment and bullying, and aims to promote mental health and professional growth for women in gaming.