EBET, INC (EBET) Announces 1:30 Reverse Stock Split

September 29, 2023 9:24 AM EDT

EBET, Inc., (NASDAQ: EBET) a leading global provider of advanced wagering products and technology, announced, today announced that it filed an amendment to articles of incorporation with the Secretary of State of the State of Nevada to effect a 1-for-30 reverse stock split of its common stock. The reverse stock split will take effect at 4:01 pm (Eastern Time) on September 29, 2023, and the Company's common stock will open for trading on The Nasdaq Capital Market on October 2, 2023 on a post-split basis, under the existing ticker symbol "EBET" but with a new CUSIP number 278700 208.

As a result of the reverse stock split, every 30 shares of the Company's common stock issued and outstanding prior to the opening of trading on October 2, 2023 will be consolidated into one issued and outstanding share, with no change in the nominal par value per share of $0.001. No fractional shares will be issued as a result of the reverse stock split. Stockholders of record who would otherwise be entitled to receive a fractional share will be entitled to the rounding up of the fractional share to the nearest whole number.

As a result of the reverse stock split, the number of shares of common stock outstanding will be reduced from approximately 448.2 million shares to approximately 14.9 million shares, and the number of authorized shares of common stock will remain at 500 million shares. As a result of the reverse stock split, proportionate adjustments will be made to the per share exercise price and/or the number of shares issuable upon the exercise or vesting of all outstanding stock options and warrants, which will result in a proportional decrease in the number of shares of the Company's common stock reserved for issuance upon exercise or vesting of such stock options and warrants, and a proportional increase in the exercise price of all such stock options and warrants. In addition, the number of shares reserved for issuance under the Company's equity compensation plan immediately prior to the reverse stock split will be reduced proportionately.

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