NextPlay Technologies, Inc., a digital business ecosystem for digital advertisers, consumers, video gamers and travelers, announced the closing of its previously announced registered direct offering with certain institutional investors, pursuant to which the Company sold approximately $30 million worth of its common stock and warrants.

Under the terms of the securities purchase agreement, the Company sold approximately 18.98 million shares of its common stock and warrants to purchase approximately 14.24 million shares of common stock. The warrants will be exercisable beginning May 1, 2022, have an exercise price of $1.97 per share, and will expire five years from the initial exercise date. The purchase price for one share of common stock and three-fourths of a corresponding warrant was $1.58.

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The Company intends to use a portion of the net proceeds of the offering to pay down the balance of certain existing indebtedness of the Company, and the remainder for other working capital and general corporate purposes.

EF Hutton, division of Benchmark Investments, LLC, acted as exclusive placement agent for the offering.

The securities described above were offered pursuant to an effective “shelf” registration statement on Form S-3 (File No. 333-257457) filed with the Securities and Exchange Commission (the “SEC”) on June 25, 2021, amended on September 24, 2021, and October 27, 2021, and declared effective on October 29, 2021. The registered direct offering of the securities was made by means of a prospectus supplement that forms a part of the effective registration statement. The final prospectus supplement and accompanying base prospectus relating to the securities being offered in the registered direct offering were filed with the SEC on November 3, 2021.

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