Super League Enterprise (NASDAQ:SLE) Enters Into Note Purchase Agreement

On November 19, 2024, Super League Enterprise, Inc. (the “Company”) finalized a significant deal by entering into a Note Purchase Agreement with a non-employee member of its board of directors (the “Purchaser”). The agreement involves the issuance of an Unsecured Promissory Note (the “Note”) to the Purchaser, amounting to $1,500,000. The Note, which matures in 12 months from the effective date, carries an interest rate of 40% simple interest per annum on the Principal amount.

The Company has the option to pre-pay the Note without penalty, and interest payments are divided into two equal increments of 20% of the Principal. The first Interest Payment is due six months from the Effective Date, with the second being due on the Maturity Date. If the Note is prepaid, Interest Payments will be pro-rated accordingly. Proceeds from this agreement are intended for working capital and general corporate purposes.

The Note outlines standard events of default, including payment defaults, Bankruptcy Events, or material breaches that are not rectified within 20 days of written notice. In the case of default, the Note accrues interest at a rate of 45% per annum, and all payments become immediately due upon written notice from the Holder.

The offering and sale of the Note have not been registered under the Securities Act of 1933 or state securities laws. The Company conducted this transaction in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act. The Purchaser confirmed acquiring the Note for its account only and not for distribution purposes.

The full details of the Note and Purchase Agreement can be found in Exhibit 4.1 and Exhibit 10.2, respectively, of the Current Report on Form 8-K filed by the Company.

Investors are advised that this report and its exhibits do not constitute an offer to buy or sell any securities of the Company, as stated in the SEC filing dated November 19, 2024.

The Company’s Chief Financial Officer, Clayton Haynes, signed the report on its behalf on November 21, 2024.

This press release is for informational purposes only and does not constitute investment advice or an offer to sell.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Super League Enterprise’s 8K filing here.

About Super League Enterprise

Super League Enterprise, Inc creates and publishes content and media solutions across immersive platforms in the United States and internationally. The company offers access to audiences who gather in immersive digital spaces to socialize, play, explore, collaborate, shop, learn, and create. It also provides a range of development, distribution, monetization, and optimization capabilities designed to engage users through dynamic and energized programs.