Summary by Futu AI
On March 13, 2024, Esports Entertainment Group, Inc. (EEG) disclosed the entry into a Secured Note Purchase Agreement with the holder of its Series C and D Convertible Preferred Stock. The agreement, dated March 7, 2024, involves the issuance of a secured promissory note for approximately $1.42 million in cash, with a maturity date of March 7, 2026, and an interest rate of 10% per annum. The note is secured by a first priority interest in all of the company's tangible and intangible personal property. Additionally, EEG announced amendments to the terms of the Series C and D Preferred Stock, including a six-month standstill on certain conversions, a monthly conversion limit post-standstill, and a change in the dividend rate from 8% to 10% per annum. These amendments...Show More