SharpLink Gaming Shares Drop 70% After SEC Filing for Share Resale
SharpLink Gaming (SBET) experienced a 70% decline in after-hours trading following an SEC filing. The company submitted an S-3ASR registration statement, allowing the resale of up to 58,699,760 shares from its PIPE financing.
Key points:
- The filing permits over 100 PIPE shareholders to sell their shares, increasing market supply.
- SharpLink raised $450 million through this PIPE round from investors like ConsenSys, Galaxy, and Pantera Capital.
- Ethereum co-founder Joseph Lubin has joined as board chairman.
- Speculation suggests the company may have raised up to $1 billion for additional ETH purchases via an at-the-market offering.
- ETH price is down 4.1% in the last 24 hours, currently around $2,650.