NextPlay Technologies, Inc. a digital business ecosystem for digital advertisers, consumers, video gamers and travelers, announced that it entered into a securities purchase agreement with certain institutional investors to purchase approximately $30 million worth of its common stock and warrants in a registered direct offering.

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Under the terms of the securities purchase agreement, the Company has agreed to sell 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 April 30, 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 will be $1.58.

The gross proceeds to the Company from the registered direct offering are estimated to be approximately $30 million, before deducting the placement agent’s fees and other estimated offering expenses. The offering is expected to close on or about November 3, 2021, subject to the satisfaction of customary closing conditions.

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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, is acting as exclusive placement agent for the offering.