Esports Now's near-10% Super League (SLE) stake comes with capped warrant power
Rhea-AI Filing Summary
Super League Enterprise, Inc. (SLE) is the subject of a Schedule 13D filed by eSports Now, LLC and its parent eSports Holdco LLC, which together report beneficial ownership of 1,072,900 shares of common stock, representing 9.9% of the class based on 1,997,573 shares outstanding.
The position consists of 184,068 shares of common stock and pre-funded warrants to purchase 888,832 shares, all over which the reporting persons share voting and dispositive power. These securities arose from a March 16, 2026 Asset Purchase Agreement under which Super League acquired the Misfits Ads Business for $1.5 million in cash, 26,768 shares of common stock, a pre-funded warrant for 509,682 shares, and a warrant for 536,450 shares at an exercise price of $18.00 per share. On August 12, 2026, the original pre-funded warrant was exchanged for a new pre-funded warrant to purchase 833,334 shares, subject to a 9.99% beneficial ownership limitation, so the holder cannot exercise above that threshold.
Positive
- None.
Negative
- None.
Filing Explained
Beyond the reported ownership, the holders say they acquired the securities for investment and decision-making, will keep reviewing the position, and may later buy or sell; they report no present plans for the other actions listed in Item 4.
Key Figures
Beneficially owned shares: 1,072,900 shares of Common Stock
Percent of class: 9.9%
Shares outstanding: 1,997,573 shares of Common Stock
+5 more
8 metrics
Beneficially owned shares
1,072,900 shares of Common Stock
Shares over which the reporting persons have shared voting and dispositive power
Percent of class
9.9%
Portion of SLE common stock represented by the 1,072,900 shares beneficially owned
Shares outstanding
1,997,573 shares of Common Stock
Outstanding SLE common stock used for ownership calculations
Closing Cash Consideration
$1.5 million
Cash paid by Super League for the Misfits Ads Business at closing
Closing Shares
26,768 shares of Common Stock
Stock component of consideration for the Misfits Ads Business
Pre-Funded Warrant (original)
509,682 shares of Common Stock
Shares underlying the original pre-funded warrant issued at closing
New Evo Pre-Funded Warrant
833,334 shares of Common Stock
Shares underlying the new pre-funded warrant issued August 12, 2026
Warrant exercise price
$18.00 per share
Exercise price of the warrant for 536,450 shares of common stock
Key Terms
Schedule 13D, pre-funded warrant, beneficial ownership limitation, Asset Purchase Agreement, +2 more
6 terms
Schedule 13D regulatory
"If the filing person has previously filed a statement on Schedule 13G..."
A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.
pre-funded warrant financial
"a pre-funded common stock purchase warrant to purchase 509,682 shares..."
A pre-funded warrant is a financial instrument that gives the holder the right to buy shares of a company's stock at a set price, with most of the purchase cost already paid upfront. It functions like a nearly fully paid option, allowing investors to secure shares quickly while minimizing the amount of additional money they need to invest later. This helps investors gain ownership rights efficiently, often used to avoid certain regulatory restrictions or to prepare for future stock purchases.
beneficial ownership limitation financial
"subject to a beneficial ownership limitation of 9.99%."
A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.
Asset Purchase Agreement financial
"entered into an Asset Purchase Agreement (the "Purchase Agreement")..."
An asset purchase agreement is a legal contract in which a buyer agrees to buy specific assets and contracts of a business rather than buying the company’s stock or ownership. It matters to investors because it determines exactly what is being bought and what liabilities stay behind — like buying the furniture and equipment from a store but not the building or past debts — which affects the deal’s value, taxes and future risk exposure.
dispositive power financial
"Number of Shares Beneficially Owned... Shared Dispositive Power 1,072,900.00"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
Preliminary Proxy Statement regulatory
"as reported by the Issuer in its Preliminary Proxy Statement..."
A preliminary proxy statement is an advance draft of the information a company will send shareholders before a vote, outlining items like board elections, mergers, executive pay, and shareholder proposals. It matters to investors because it lays out what will be decided, management’s recommendations, and key facts that can affect a company’s direction and stock value — like receiving the agenda and background packet before a town-hall vote.
FAQ
How much of Super League Enterprise, Inc. (SLE) do the reporting persons own?
eSports Now, LLC and eSports Holdco LLC report beneficial ownership of 1,072,900 shares of Super League Enterprise, Inc. common stock, representing 9.9% of the outstanding class, based on 1,997,573 shares outstanding as referenced in the filing.
What securities of SLE are held by eSports Now, LLC and eSports Holdco LLC?
They report shared voting and dispositive power over 1,072,900 shares of SLE, consisting of 184,068 shares of common stock and pre-funded warrants to purchase 888,832 shares of common stock, subject to a 9.99% beneficial ownership cap.
How did Super League Enterprise, Inc. (SLE) acquire the Misfits Ads Business?
On March 16, 2026, Super League entered into an Asset Purchase Agreement with Esports Now, LLC to acquire the Misfits Ads Business for $1.5 million cash, 26,768 shares of common stock, a pre-funded warrant for 509,682 shares, and a warrant for 536,450 shares at $18.00 per share.
What are the terms of the new pre-funded warrant held in relation to SLE?
On August 12, 2026, Misfits received a new pre-funded warrant to purchase 833,334 shares of Super League common stock. It carries a 9.99% beneficial ownership limitation, preventing exercises that would cause the holder’s aggregate beneficial ownership to exceed 9.99%.
Did the reporting persons indicate any specific plans regarding their SLE investment?
They state the SLE securities were acquired for investment and decision-making purposes and that they may buy more, hold, or dispose of shares or related securities over time, depending on SLE’s business, financial condition, market conditions, and other factors.
AI-generated analysis. How Rhea-AI works. Not financial advice.
