I did not know this stock existed: SLGG. Super League Gaming Shares Drop 23% in Nasdaq Debut
super league gaming
Credit: Super League Gaming
Andrew Haywardahaywa Feb 27, 2019
Super League Gaming debuted on the Nasdaq on Tuesday and saw its shares fall nearly 23% by the day’s end.
Shares began the day at $11 USD and ended at $8.50. Super League Gaming raised $24.9M in the IPO.
Super League Gaming hosts amateur esports tournaments and recently announced partnerships with Topgolf and Best Buy.
Amateur esports tournament organizer Super League Gaming Database-Link-e1521645463907 began trading on the Nasdaq Capital Market yesterday, but shares slid nearly 23% in value by the end of the day.
Super League Gaming raised $24.9M by selling 2.27M shares in an initial public offering (IPO), and began the day with shares priced at $11. Shares reached a high of $11.55, but by the end of the day’s trading, the price had dropped 22.73% to $8.50.
It was a volatile start for the first esports company to trade on Wall Street. Super League Gaming hosts tournaments and leagues for amateur players, including clubs in 16 U.S. cities. The company hosts Minecraft competitions for children, as well as League of Legends Database-Link-e1521645463907, Clash Royale Database-Link-e1521645463907, and Fortnite Database-Link-e1521645463907 tournaments that typically draw older players.
According to Super League Gaming’s filing with the Securities and Exchange Commission, as reported by VentureBeat, the company reported losses of $14.9M in 2018 and $12.3M in 2017.
Related Article: Why Super League Gaming is Bringing Amateur Esports to Topgolf
Besides the IPO, Super League Gaming has had a busy start to 2019. The company announced a League of Legends tournament with Best Buy and sponsor Logitech G Database-Link-e1521645463907, and also revealed plans to bring amateur tournaments to Topgolf’s 50+ entertainment centers. In an interview with The Esports Observer earlier this month, Super League Gaming chief commercial officer Matt Edelman suggested that the company’s growth is being driven by increased interest from brands.
“Super League is in an exciting growth stage, really on every level,” he said. “Our user base is growing and our partnership ecosystem is growing. Brands who are interested in esports, either endemic brands or non-endemic brands, are paying more attention to what we’re doing because they see there is a unique opportunity through Super League to engage with players while they are playing. That’s just a different type of opportunity than exists at the pro level, when they get to engage with fans when they’re viewing gameplay
