SharpLink Gaming Ltd. shares plunged as much as 75% in after-hours U.S. trading on 12 June after the sports-betting technology provider filed a shelf registration with the Securities and Exchange Commission that would allow certain holders to resell stock and warrants issued in a recent financing.
The registration covers securities sold in a US$425 million private investment in public equity that funded the company’s plan to shift portions of its treasury into Ether. News of the potential dilution drove the stock down to roughly US$10 from about US$33 at the close, erasing gains that had seen the shares more than quadruple earlier this year.
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