Sports Entertainment Gaming Global Corporation (SEGG) entered into a Securities Purchase Agreement with Amorua Global, Inc. on May 26, 2026, to issue a $3.5 million unsecured convertible promissory note. The company intends to use the net proceeds for general corporate purposes, including the repayment of approximately $500,000 of existing indebtedness.
Key Details
- Financing: The company issued a convertible note with an original principal amount of $3,500,000 to investor Amorua Global, Inc.
- Terms: The note carries a 12% annual interest rate, a 24-month maturity, and was issued with a 15% original issue discount.
- Conversion Provision: The note is convertible into common stock at a price equal to the lower of the closing price on the issuance date or 95% of the lowest daily VWAP in the five business days preceding conversion, subject to a 9.99% beneficial ownership cap.
- Registration: SEGG is required to file a Form S-1 registration statement within 45 days to cover the resale of shares issuable upon conversion of the note.