# EDGAR Filing Document

**Accession Number:** 0001451448
**File Stem:** 0001493152-23-002674
**Filing Date:** 2023-1
**Character Count:** 16243
**Document Hash:** bce255dc6326700995534f68a23fa182
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-002674.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001493152-23-002674

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230126

**ITEM INFORMATION**: Submission of Matters to a Vote of Security Holders

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ESPORTS ENTERTAINMENT GROUP, INC.
- **CENTRAL INDEX KEY:** 0001451448
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AMUSEMENT & RECREATION SERVICES [7900]
- **IRS NUMBER:** 263062752
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39262
- **FILM NUMBER:** 23559761

**BUSINESS ADDRESS:**
- **STREET 1:** BLOCK 6, TRIQ PACEVILLE
- **STREET 2:** ST. JULIANS STJ 3109
- **CITY:** MALTA
- **STATE:** O1
- **ZIP:** BKR 9077
- **BUSINESS PHONE:** 356 2757 7000

**MAIL ADDRESS:**
- **STREET 1:** BLOCK 6, TRIQ PACEVILLE
- **STREET 2:** ST. JULIANS STJ 3109
- **CITY:** MALTA
- **STATE:** O1
- **ZIP:** BKR 9077

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VGambling Inc.
- **DATE OF NAME CHANGE:** 20150402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VGambling, Inc.
- **DATE OF NAME CHANGE:** 20140815

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DK Sinopharma, Inc.
- **DATE OF NAME CHANGE:** 20100615

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **January 26, 2023**

**<u>ESPORTS ENTERTAINMENT GROUP, INC.</u>**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | **001-39262** | **26-3062752** |
| (State or other jurisdiction of<br> incorporation or organization) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

**BLOCK 6, TRIQ PACEVILLE, ST. JULIANS STJ 3109**

**MALTA**

(Address of principal executive offices)

**<u>356 2713 1276</u>**

(Registrant's telephone number, including area code)

**<u>Not Applicable</u>**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | GMBL | The Nasdaq Stock Market LLC |
| Common Stock Purchase Warrants | GMBLW | The Nasdaq Stock Market LLC |
| 10.0% Series A Cumulative Redeemable Convertible Preferred Stock | GMBLP | The Nasdaq Stock Market LLC |
| Common Stock Purchase Warrants | GMBLZ | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 5.07 Submission of Matters to a Vote of Security Holders.**

On January 26, 2023, Esports Entertainment Group, Inc. (the "Company," "we," "our," and "us") held its 2022 annual meeting of stockholders (the "Annual Meeting"). Greater than 41% of the shares of common stock outstanding and entitled to vote on Proposals 1-5 at the Annual Meeting were present in person or by proxy thereby constituting a quorum. Greater than 98% of the shares of common stock outstanding and entitled to vote on Proposal 6 at the Annual Meeting were present in person or by proxy.

The matters that were voted upon at the Annual Meeting, and the number of votes cast for or against/withheld, as well as the number of abstentions, as to such matters, where applicable, are set forth in the table below. With respect to the election of Jan Jones Blackhurst, Damian Mathews, Alan Alden, and Chul Woong Lim as directors to each serve a one-year term on the Board of Directors of the Company (the "Board") and until each of their successors is elected and qualified, each nominee received the number of votes set forth opposite their name.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Proposal** | **Number of Votes** | **Number of Votes** | **Number of Votes** | **Number of Votes** | **Number of Votes** |
|  | **Common Stock Voted For** | **Percent of Votes Cast** | **Votes**<br> **Against/Withheld** | **Abstentions** | **Broker Non-Votes** |
| Election of Jan Jones Blackhurst (Proposal 1) | 11282522 | 72.05% | 4376944 | 180596 | 16360327 |
| Election of Damian Mathews (Proposal 1) | 11275584 | 72.04% | 4375382 | 189096 | 16360327 |
| Election of Alan Alden (Proposal 1) | 10984880 | 70.16% | 4672835 | 182347 | 16360327 |
| Election of Chul Woong Lim (Proposal 1) | 4058003 | 32.92% | 8268294 | 3513765 | 16360327 |
| Non-binding advisory vote, to approve the compensation of the Company's named executive officers as disclosed in this proxy statement (Proposal 2) | 3148691 | 20.41% | 12277480 | 413891 | 16360327 |
| Ratification the selection of Marcum LLP (formerly Friedman LLP) as the Company's independent registered public accounting firm for the fiscal year ending June 30, 2023 (Proposal 3) | 30388681 | 95.06% | 1578765 | 232943 |  |
| Potential issuance of an excess of 19.99% of our outstanding common stock, par value $0.001 per share (the "Common Stock"), upon the conversion of the Company's outstanding Senior Convertible Note (Proposal 4) | 9733283 | 62.13% | 5933533 | 173246 | 16360327 |
| Potential issuance of our outstanding Common Stock upon the conversion of a new perpetual convertible preferred stock to be issued in exchange for the Senior Convertible Note, as part of the Company's approved plan of compliance with the Nasdaq Listing Rules (Proposal 5) | 9612144 | 61.78% | 5945603 | 282315 | 16360327 |
| To approve a reverse stock split of the Common Stock at a ratio of not less than one-for-twenty (1-for-20) and not more than one-for-one-hundred (1-for-100), with our Board of Directors having the discretion as to the exact ratio of any reverse stock split to be set within the above range, without a corresponding reduction in the total number of authorized shares of Common Stock, and to be in effect no later than the earlier of the next Annual Meeting or the anniversary of this year's Annual Meeting (Proposal 6) | 1567957448 | 62.32% | 947839427 | 43187 | 16360327 |

---

On the basis of the above votes, (i) Jan Jones Blackhurst, Damian Mathews, Alan Alden and Chul Woong Lim were **elected** as members of the Board; (ii) the proposal to approve, in a non-binding advisory vote, the compensation of the Named Executive Officers was **not approved**; (iii) the proposal to ratify the selection of Marcum LLP, as the Company's independent registered public accountant for the fiscal year ending June 30, 2023 was **approved**; (iv) the proposal to approve the potential issuance of an excess of 19.99% of the Company's outstanding Common Stock upon the conversion of an outstanding Senior Convertible Note was **approved**; (v) the proposal for the potential issuance of our outstanding Common Stock upon the conversion of a new perpetual convertible preferred stock to be issued in exchange for the Senior Convertible Note, as part of the Company's approved plan of compliance with the Nasdaq Listing Rules was **approved**; and (vi) the proposal to approve the reverse stock split of the Common Stock at a ratio of not less than one-for-twenty (1-for-20) and not more than one-for-one-hundred (1-for-100), with our Board of Directors having the discretion as to the exact ratio of any reverse stock split to be set within the above range, without a corresponding reduction in the total number of authorized shares of Common Stock, and to be in effect no later than the earlier of the next Annual Meeting or the anniversary of this year's Annual Meeting was **approved**.

"Named Executive Officers" refers to the Company's Chief Executive Officer, Interim Chief Financial Officer and Controller and Chief Technology Officer.

 

**Item 8.01 Other Events.**

On January 27, 2023, the Company received the written consent of the holder of its outstanding Senior Convertible Note to lower the conversion price of the Senior Convertible Note into shares of Common Stock under Section 7(g) of the Senior Convertible Note to 90% of the lowest VWAP (as defined in the Senior Convertible Note) of the Common Stock for a trading day during the five (5) consecutive trading day period ending, and including, the applicable date that the conversion price is lowered for purposes of a conversion (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations and similar events during such measuring period) until further written notice to the holder from the Company.

As of January 26, 2023, there were 98,337,944 shares of common stock, par value $0.001 issued and outstanding.

The foregoing summary is qualified in its entirety by the form of letter of consent, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** |
| 10.1 | [Form of Letter of Consent between the Company and the Holder of the Senior Convertible Note.](ex10-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 27, 2023

---

| | |
|:---|:---|
| **ESPORTS ENTERTAINMENT GROUP, INC.** | **ESPORTS ENTERTAINMENT GROUP, INC.** |
| By: | */s/ Michael Villani* |
| Name: | Michael Villani |
| Title: | Interim Chief Financial Officer and Controller |

---

## Exhibit 10.1

**Exhibit 10.1**

---

| |
|:---|
| ![](ex10-1_001.jpg) |
| Esports Entertainment Group |
| Block 6, |
| Triq Paceville, |
| St. Julians, STJ 3109 |
| Malta |

---

[●]

Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B

c/o Ayrton Capital LLC

55 Post Rd W

Westport, CT 06880

Re: <u>Conversion Price Reduction</u>

Dear Sirs:

Reference is hereby made to that certain Securities Purchase Agreement, dated May 28, 2021, by and among Esports Entertainment Group, Inc., a Nevada corporation (the "**Company**"), the investor signatory hereto ("**you**" or the "**Investor**") and certain other buyers signatory thereto (as amended, the "**Securities Purchase Agreement**"), pursuant to which you acquired, among other things, certain senior convertible notes (including any senior convertible notes issued in exchange therefor, the "**Securities**") convertible into shares of Common Stock (as defined in the Securities Purchase Agreement) in accordance with the terms of the Securities. Capitalized terms not defined herein shall have the meaning as set forth in the Securities Purchase Agreement or the Securities, as applicable.

Pursuant to Section 7(g) of the Securities, we hereby provide you with notice that the Company desires your consent pursuant to Section 7(g) of the Securities, to lower the Conversion Price of your Securities for each date after the Effective Time (as defined below) (each, a "**Conversion Price Reduction**", and each such date, a "**Conversion Price Reduction Measuring Date**"), effective (the "**Effective Time**") as of the time of your execution of this letter, to 90% of the lowest VWAP of the Common Stock for a Trading Day during the five (5) consecutive Trading Day period ending, and including, the applicable Conversion Price Reduction Measuring Date (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations and similar events during such measuring period, the "**New Alternate Conversion Price**"); provided, that at any time after 6 p.m. New York city time and prior to 6 a.m. New York city time on any given date of determination (each, a "**Termination Eligibility Period**"), the Company may, by delivery written notice to the Investor (each, a "Termination Notice"), terminate the Investor's right to effect any future Conversion Price Reductions pursuant to this letter (the time of such delivery, the "**Conversion Price Reduction Termination Time**"); provided, further, that (x) a Termination Notice shall only be effective if delivered to the Investor during a Termination Eligibility Period, (y) notwithstanding the delivery of a Termination Notice to the Investor during a Termination Eligibility Period, the Company remain obligated to honor all conversions of the Securities (including, without limitation, any shares of Common Stock to be delivered to the Investor (or its designee) with respect thereto) at the applicable New Alternate Conversion Price occurring prior to such applicable Conversion Price Reduction Termination Time. Please execute this letter in the signature block below if you consent to the Company effecting the Conversion Price Reduction.

The Company shall, on or before 8:30 a.m., New York City time, on the date of this letter, file a Current Report on Form 8-K with the SEC disclosing all material terms of the transactions contemplated hereby and attaching the form of this letter as an exhibit thereto (collectively with all exhibits attached thereto, the "**8-K Filing**"). From and after the filing of the 8-K Filing with the SEC, the Investor shall not be in possession of any material, nonpublic information received from the Company or any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents, that is not disclosed in the 8-K Filing. In addition, effective upon the issuance of the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any letter, whether written or oral, between the Company, any of its subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and the Investor or any of its affiliates, on the other hand, shall terminate and be of no further force or effect. The Company understands and confirms that the Investor will rely on the foregoing representations in effecting transactions in securities of the Company.

The Company shall reimburse Kelley Drye & Warren LLP for all reasonable costs and expenses incurred by it in connection with preparing and delivering this letter (including, without limitation, all reasonable legal fees and disbursements in connection therewith, and due diligence in connection with the transactions contemplated thereby).

Section 5 (except for Section 5.1, Section 5.2, Section 5.8, Section 5.10 and Section 5.18) of the Securities Purchase Agreement is hereby incorporated by reference herein, mutatis mutandis.

If you have any questions regarding the foregoing, please feel free to contact [●] at [●] or by email to [●].

By: 

Name: [●]

Title: [●]

Agreed to and Acknowledged:

**Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B**

By:   <br> Name: [●] <br> Title: [●]