Newgioco Group Announces Pricing Of $10.0 Million Underwritten Public Offering

Newgioco Group, Inc. ("Newgioco" or the "Company") (Nasdaq: NWGI), a global sports betting and interactive gaming technology company providing a unique fully integrated, omni-channel sports betting technology, today announced the pricing of its...
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Newgioco Group, Inc. ("Newgioco" or the "Company") (Nasdaq: NWGI), a global sports betting and interactive gaming technology company providing a unique fully integrated, omni-channel sports betting technology, today announced the pricing of its underwritten public offering of 4,166,666 units at a price to the public of $2.40 per unit. Each unit issued in the offering consists of one share of common stock and one warrant to purchase one share of common stock. The shares of common stock and warrants are immediately separable from the units and will be issued separately. Newgioco expects to receive gross proceeds of $10.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

The warrants are immediately exercisable for one share of common stock at an exercise price of $2.50 per share and will expire five years from issuance. The offering is expected to close on August 17, 2020, subject to customary closing conditions.

Maxim Group LLC is acting as sole book-running manager for the offering.

Newgioco has granted the underwriters a 45-day option to purchase up to 624,999 additional shares of common stock and/or additional warrants to purchase 624,999 shares of common stock, or any combination thereof, at the public offering price to cover over-allotments, if any.

The registration statement on Form S-1 (File No. 333-233768) relating to this offering was previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC") on August 12, 2020. A prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at https://www.sec.gov. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.

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

About Newgioco Group, Inc.

Newgioco Group, Inc., is a global leisure gaming technology company operating in 12 countries worldwide, with fully licensed online and land-based gaming operations in Italy. The Company's innovative alternative wagering system services online operators, resort concept casinos, retail neighborhood betting establishments and franchise distribution networks.

Newgioco offers its clients a full suite of leisure gaming products and services, such as sports betting, esports, virtual sports, online casino, poker, bingo, interactive games and slots. Additional information is available on our corporate website at www.newgiocogroup.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and includes, among other aspects, statements regarding the proposed public offering.

Any forward-looking statements included herein reflect our current views, and they involve certain risks and uncertainties, including, among others, whether the proposed offering is completed, the satisfaction of customary closing conditions related to the proposed offering, risks should not be construed as exhaustive and should be read together with the other cautionary statement included in our registration statement on Form S-1 that we have filed with the SEC and the final prospectus and our Annual Report on Form 10-K for the year ended December 31, 2019 and subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was initially made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law.

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