Enthusiast Gaming Holdings Inc. (NASDAQ:EGLX;
TSX:EGLX), (“
Enthusiast” or the
“
Company”), an integrated gaming entertainment
company, today issued a letter to shareholders ahead of its
upcoming Annual General Meeting (the “
Meeting”)
scheduled to be held on July 19, 2022, at 10:00 a.m. (EDT). The
letter details the Company’s strong growth and achievements under
the current leadership.
Notwithstanding overwhelming shareholder support
and incredible progress made by Enthusiast in a short period of
time, the Company is keen to move past the distraction caused by
dissident shareholder Greywood Investments, LLC
(“Greywood”). In this regard, the Company has
extended an open offer to Greywood to appoint a nominee of its
choosing to join the Board immediately. Additionally, and
regardless of whether Greywood accepts this offer, the Company
will:
- conduct a strategic review focused
on additional opportunities for increased shareholder value;
and
- by the Meeting, reposition Mr.
Montgomery from CEO to Chair of the Board and retain a highly
qualified interim CEO until a new permanent CEO is appointed by the
Board.
The new Chair and the Board (including the
Greywood nominee) will work with the interim CEO on the strategic
review, building on advanced and very exciting financial and
strategic opportunities for the Company.
Shareholders are encouraged to review the letter
(included below) and vote only the BLUE proxy
FOR all nine of Enthusiast’s nominees.
Don’t wait, voting is fast and
easy. Please vote well in advance of the proxy voting
deadline of Friday, July 15, 2022 at 10:00 am (Toronto time). If
you have questions or need help voting, contact Kingsdale Advisors
at 1-866-851-2743 or at contactus@kingsdaleadvisors.com.
The full contents of the letter are included
below:
Dear Fellow Shareholders,
Enthusiast Gaming (“Enthusiast”
or the “Company”) is on a three-year winning
streak and we are only getting started. Since our current
leadership team joined the Company in September 2019 (the Company
prior to such date, “Old Enthusiast”), we have
drastically grown our business, from a property that had an
audience of approximately three billion views of content per
quarter to over 11 billion views per quarter today across our web
and video platforms. All the while, we have dramatically improved
our financial performance and significantly increased our standing
and relevance in the public markets.
But an unknown group naming itself Greywood
Investments, LLC (“Greywood”) is trying to wipe
out our progress by taking control of Enthusiast with a less
qualified Board of Directors and a vague plan with no stated change
from the Company’s existing business plan. Don't risk your
investment with an unqualified team. Stop Greywood from hijacking
Enthusiast’s winning streak.
Grew to a Leading Integrated Gaming
Entertainment Company
Prior to September 2019 |
|
Today Under a High-Calibre Board and Executive
Team |
Old Enthusiast had assembled a number of media properties
generating approximately three billion views of content on the web
per quarter. |
• |
We operate across multiple platforms including web, mobile,
desktop, YouTube, Snapchat, TikTok, esports leagues, and in live
and digital events. |
|
|
• |
We own a multitude of gaming entertainment assets across
these platforms, including notable brands such as Addicting Games,
Luminosity Gaming, The Sims Resource, U.GG, Little Big Snake,
EV.io, Shockwave, Pocket Gamer, Icy Veins, Tabstats, Gameknot,
Fantasy Football Scout, and many more. |
|
|
• |
We have contractual relationships with over 500 gaming influencers,
ownership stakes in both franchised Activision leagues (Call of
Duty and Overwatch), a multi-channel network license from Google, a
direct sales team across North America and Europe, and provide 13
premium subscription offerings. |
|
|
• |
We achieved 11.3 billion views of content in Q1 2022, are ranked
#85 on Comscore’s list of top 100 internet properties in the United
States, and are also the largest property in the Games category in
the United Kingdom and Canada on Comscore's rankings. |
Consistent Improvement in Financial
Performance
The reality is, Old Enthusiast was heading into
possible insolvency prior to our leadership taking over the
Company.
- As at June 30, 2019 (the last reported period under Old
Enthusiast), Old Enthusiast reported total cash of $9.4 million
versus total debt and vendor obligations of approximately $40.0
million.
- As at June 30, 2019, Old Enthusiast had total current assets of
$12.8 million versus a staggering current liability balance of
$33.8 million. $10.0 million of the total debt was issued months
prior to the consummation of Old Enthusiast’s merger with J55
Capital Corp. in September 2019 (when our current leadership team
joined the Company) in order to provide bridge financing to
complete that transaction, without which it was questionable
whether Old Enthusiast would be a going concern.
- Although Old Enthusiast reported growing revenues of $4.0
million for the three months ended June 30, 2019 versus $2.6
million for the comparative 2018 period, it did so at a
corresponding increasing loss, generating a net loss and
comprehensive loss of $3.7 million for the three months ended June
30, 2019 versus a net gain of $0.0 million for the comparative 2018
period.
In contrast to the $4.0 million in revenue Old
Enthusiast last reported for the three months ended June 30, 2019,
we most recently reported:
- Record-breaking revenue of $47.2 million for the three months
ended March 31, 2022, a 57% year-over-year increase, which was well
ahead of analysts’ estimates.
- A 127% year-over-year increase in gross profit in what is
historically a softer quarter for us due to seasonal trends.
- An increase in our gross margin for the fifth consecutive
quarter to 28.6% for the three months ended March 31, 2022, an
increase of 880 bps compared to the same period last year.
- An expectation to be both EBITDA and cash-flow positive by the
end of this year.
We are well positioned to continue
delivering rapid top-line revenue growth, while achieving
substantial margin expansion and strengthening our direct sales
pipeline. As evidenced by Enthusiast’s solid performance
in past quarters, we are confident that this momentum will carry
into the future and generate sustainable value for the benefit of
all of our shareholders over the long term.
Additionally, as a result of our recent vendor
obligation conversions into common shares of the Company (where we
settled certain deferred purchase price and earn-out payments in
common shares in lieu of cash), we also find ourselves in a strong
financial position with a strong net positive working capital
position versus the massive deficit at the time our current
leadership team joined Enthusiast.
Increasing Standing in Capital Market
Community
At the time our current leadership team joined
the Company, Old Enthusiast had a market capitalization of
approximately $83 million and had raised in total approximately $24
million including its go public offering of approximately $8.5
million. Old Enthusiast had only one sell side research analyst
providing research coverage, was listed on the Toronto Venture
Exchange and traded on average 0.3 million shares (approximately
$0.4 million in value) per day for the period since listing on
October 4, 2018 until August 29, 2019, when Old Enthusiast stock
was halted from trading.
In stark contrast, Enthusiast is now listed on
both the Toronto Stock Exchange and the NASDAQ, having completed
its US-listing and US$52.9 million raise. Today, the Company is
covered by seven sell side research analysts, has a market
capitalization of approximately $436 million and trades on average
1.6 million shares (approximately $6.7 million in value) per day
for the twelve-month period ended June 27, 2022.
This has culminated in greater access to capital
and an ability to execute on our accretive M&A strategy. Since
our current leadership team joined Enthusiast, we have raised more
than $200 million in capital and have completed more than $190
million in acquisitions and have significantly outperformed our
peers in the capital markets.
Relative Share Price
Performance |
|
|
|
|
|
|
|
|
|
|
|
|
Ticker |
EGLX |
Nasdaq |
SKLZ |
RBLX |
SLGG |
GMBL |
GMNG |
GSQ |
EBET |
BBTV |
GAME |
December 31, 2021 |
$3.72 |
15,644.97 |
US$7.44 |
US$103.16 |
US$2.36 |
US$3.51 |
$0.18 |
$0.31 |
US$20.56 |
$3.03 |
$3.85 |
Current (27-Jun-2022) |
$2.91 |
11,524.55 |
US$1.45 |
US$35.93 |
US$1.04 |
US$0.45 |
$0.08 |
$0.10 |
US$2.72 |
$1.80 |
$1.00 |
YTD Performance |
(21.8%) |
(26.3%) |
(80.5%) |
(65.2%) |
(55.9%) |
(87.3%) |
(58.3%) |
(67.7%) |
(86.8%) |
(40.6%) |
(74.0%) |
Delta to EGLX |
|
(4.6%) |
(58.7%) |
(43.4%) |
(34.2%) |
(65.5%) |
(36.6%) |
(46.0%) |
(65.0%) |
(18.8%) |
(52.3%) |
Enthusiast is on a Strong Trajectory for Future
Growth
We are at the forefront of growth. Our strategy
to grow our higher-margin revenue streams while expanding our
direct sales and subscription offerings is paying off. Our
expansion of in-game purchasing opportunities and monthly
subscription offerings contributed to our accelerated growth,
particularly from the better-than-expected contributions from
Addicting Games and U.GG. For the three-month period ended March
31, 2022, our direct sales revenue was up 136% year-over-year,
while recurring subscription revenue was up 83% year-over-year.
At the same time, we recognize that the recent
macroeconomic instability and multiple compression in the broader
market means the share price has not fully reflected these
successes. The share prices of esports companies have all taken a
hit. Multiples have been reset. High-growth companies like ours are
out of favour. Top-line revenue is not enough in these times, as
investors are looking for profitability. Despite this, Enthusiast
shares continue to outperform our industry peers and all seven
analysts covering the Company have a “buy” or “outperform” rating
on our shares.
We continue to focus on generating content for
our millions of monthly viewers and monetizing our media assets. We
are committed to building the largest gaming platform that will
position the Company as a go-to partner for brands and
advertisers.
Enthusiast is committed to buying and building
video game fan communities to create a platform for gamers and
esports fans to connect, consume, and create content. To get
Enthusiast to where shareholders, employees and other stakeholders
want it to be in terms of growth and profitability as soon as
possible, hard business decisions have to be made. Integration in
any business is a challenge – and that challenge is amplified at
high-growth companies like ours. Our Board and management team are
doing everything they can to professionalize the business and
implement a performance culture. By setting and measuring against
financial targets, internal controls and performance metrics, the
Company is and will be accountable to shareholders and positioned
to unlock greater value. Now is not the time to risk your
investments to unproven activist nominees who, quite simply, are
not up to the job.
Enthusiast’s Board Nominees are the
High-Calibre Team You Want
Enthusiast’s Board nominees are nine highly
qualified businesspeople, comprising of six incumbents and three
new nominees, all of whom know the Company well and are leaders in
their respective fields – and they are delivering results. Each
nominee is specifically selected to help facilitate the continued
growth of the Company and oversee the continued successful
execution of its business plan that is delivering significant
results.
Enthusiast’s exceptionally skilled Board
nominees have the right mix of expertise in professional sports,
digital media and advertising, tech/software, and egaming that
contributes to Enthusiast’s three principal revenue streams: Media
and Content, Esports and Entertainment, and Subscription. The
nominees understand our industry and can oversee the strategic and
tactical steps that are needed for a start-up to scale quickly and
effectively. In addition, shareholders will benefit from a
refreshed and enhanced Board composed of incumbent and new
directors that bring institutional knowledge and fresh ideas to the
table, as well as gender and racial diversity.
In addition to deep knowledge of the Company’s
business segments, Enthusiast’s strong slate of nominees is
well-equipped with backgrounds in finance, capital markets, M&A
and corporate governance. Enthusiast is a dual-listed company, with
its stock listed in Toronto and New York, providing access to
investors on both sides of the border. This also means that the
Company’s conduct and controls are held to the highest standard.
Members of our slate have the past experience to provide the
necessary oversight of management. Their public markets experience
and track record of financial and operational success will help to
take Enthusiast to the next level. Their connections and
reputations across key industries have already opened many doors
for Enthusiast.
John Albright, Lead Director: Capital
Markets, M&A and Technology Expert
- Co-Founder and Managing Partner of Relay Ventures, a venture
capital firm with investments from start-up phase to late venture
and growth capital across North America
- Holds Chartered Financial Analyst (CFA) designation
- Graduate of the Schulich School of Business in Toronto
- Board Experience: Director of Score Media and Gaming Inc.,
Playmaker Capital, ecobee, TouchBistro, Alate Partners, and the
Centre for Aging and Brain Health Innovation
Michael Beckerman: Sales and Marketing
Expert
- Highly experienced C-level sales and marketing executive with
over 20 years of experience
- Current Chief Client Officer at Torstar Corporation, which owns
the Toronto Star
- Former Director of Advertising for NIKE in Europe and Director
of Retail for NIKE in the U.S.
- Former VP of Marketing for Canadian Airlines
- Former VP Marketing and International for MVP.com
- Former Chief Marketing Officer for BMO Financial Group
- Former President and Chief Executive Officer for Ariad
Communications
- Former CEO of both Ariad and U.S.based Bluespire Marketing
- Board experience: Points.com Inc.
Seth Berger: Gaming and Sports Industry
Leader, Innovation and Venture Capital Experience, Key Vendor and
Former Significant Shareholder of Outplayed, Inc.
- Managing Director of Sixers Innovation Lab, an early-stage
incubation and venture capital fund that invests in early-stage
companies in esports & gaming, sports, consumer packaged goods,
and media & entertainment, and the birthplace of Outplayed,
Inc., owners of U.GG (acquired by Enthusiast)
- As a key vendor and former significant shareholder of
Outplayed, Inc., directly holds approximately 1.8 million common
shares of the Company and beneficially owns an additional
approximately 0.8 million shares, or approximately 1.7% of the
Company’s outstanding common shares in the aggregate
- Founder and CEO of AND 1, a basketball sneaker, apparel and
entertainment company
- Former CEO of HoopsTV.com, Lightning Poker and mobile gaming
company GravyTrain
- MBA from the Wharton School and graduate from University of
Pennsylvania
- Board experience: Outplayed, Inc., owners of U.GG (acquired by
Enthusiast)
Ben Colabrese: Finance and M&A
Expert
- EVP, Finance at The Toronto Blue Jays, which is wholly owned by
Rogers Communications
- VP & GM of Mobilicity (which Rogers acquired in 2015), and
SVP, Finance for the X1 Syndication Program
- Former CFO of Pelmorex Media/The Weather Network
- Oversaw all M&A activity and completed over 30 transactions
at Rogers
- Board experience: PopReach Corporation
Alan Friedman: Seasoned Corporate Finance
Professional
- Co-founder of a number of TSX- and TSX Venture-listed
companies
- M&A expert and has played an integral role in the
acquisition of various assets, financings and go-public
transactions for many companies
- Board experience: Eco (Atlantic) Oil & Gas Ltd., Osino
Resources Corp., Tembo Financial Inc.
Adrian Montgomery, Chief Executive
Officer: Over Ten Years of Public Company Board
Experience
- Senior officer and Director of major public and private
companies in the fields of media, sports and entertainment, finance
and industrial services
- President and CEO of Aquilini Sports and Entertainment, one of
Canada’s premier sports and entertainment organizations
- Former president of Tuckamore Capital Management, a
conglomerate with over $700 million of annual revenue
- Former CEO of QM Environmental, one of Canada’s largest
contracting companies
- Member of the New York State Bar Association
- Board experience: Enthusiast Gaming, QM Environmental Services,
Tuckamore Capital
Scott O’Neil: 20 Years of
NBA, NHL, and NFL Experience in Front and League Offices, Venture
Capital, and Technology Board Experience
- Former CEO of Harris Blitzer Sports & Entertainment, owner
and operator of the Philadelphia 76ers, New Jersey Devils, esports
organization Dignitas, and venture capital fund Sixers Innovation
Lab
- Graduate of Villanova University and Harvard Business
School
- Board experience: Outplayed, Inc., owners of U.GG (acquired by
Enthusiast) and Zoomi.ai; Board advisor for Myota
Angela Ruggiero: Former
Olympian and Sports Marketing Expert, Capital Markets and Sports
and Gaming Board Experience
- CEO and co-founder of Sports Innovation Lab, a
technology-powered market research firm empowering industry-leading
sports brands to identify the trends, products, and services that
will drive the future of sports
- Graduate of Harvard Business School, Harvard College, with a
master’s degree in Sports Management from the University of
Minnesota
- Capital market experience: Senior Management Associate with
Bridgewater Associates, the largest hedge fund in the world
- Keynote and motivational speaker who has spoken at over 200
schools, businesses, and organizations including the United
Nations, International Olympic Committee, KPMG, Nike, Coca-Cola,
Liberty Mutual, and Johnson & Johnson
- Former American ice hockey gold medalist and four-time
Olympian
- Member of the International Olympic Committee (IOC) from 2010
to 2018 and the Chairperson of the IOC Athletes' Commission
- Member of the Hockey Hall of Fame's Class of 2015
- Board experience: Score Media and Gaming Inc.
Richard Sherman: NFL Veteran and
Technology Investor
- One of the most impactful players in NFL history and most
recently captain of the San Francisco 49ers’ defensive unit
- Founder of Blanket Coverage, the Richard Sherman Family
Foundation
- Executive Committee member of the National Football League
Players Association
- Graduate of Stanford University
By contrast, Greywood’s director slate fails to
present a single candidate with both recent and sufficient public
company experience. Greywood’s singular focus on our director and
CEO Adrian Montgomery is a clear vendetta based solely on
self-serving complaints and personal attacks. The list of
grievances that Greywood has put forward, which it claims to be
about “culture and governance issues,” are unfounded and have
nothing to do with creating long-term shareholder value. Greywood
is launching personal attacks to distract our shareholders from the
fact it has a self-serving agenda, no original business plan and an
unqualified slate of director nominees.
Activist Fund in the Dark with Suspect
Motives
Shareholders are right to question who Greywood
is and whose interests it serves. Greywood has kept details about
itself under wraps and there is limited information on who controls
Greywood, its operations, or its track record – and most
importantly, its intentions for Enthusiast. It has not yet
articulated how it will create long-term shareholder value at
Enthusiast and its campaign is solely designed as an attempt to
install Greywood’s handpicked director nominees and take control of
the Company without paying a premium for such control.
Greywood’s nominees have limited public markets
experience at companies similar in size and scope as Enthusiast
with limited relevant commercial experience, which should make
shareholders of Enthusiast question whether Greywood’s nominees
have the knowledge to craft a realistic and compelling go-forward
business plan. Additionally, none of Greywood’s nominees has
professional sports management experience.
Greywood has no original business plan for
Enthusiast. Its suggestions are simply endorsing what the Company
has already been doing. For example: We agree with Greywood that
the U.S. market has an attractive talent pool. That’s why our Los
Angeles office is Enthusiast’s largest office, and we are actively
hiring there and in New York City, Boston and Austin. In fact,
approximately 150 employees, or approximately 70% of our staff, are
in the U.S. today compared to less than 20 employees in 2019.
In its letter sent to Enthusiast on November 19,
2021, Greywood wanted Enthusiast to chase after commercially
unproven objects like “gamefi, NFT’s, metaverse opportunities”, a
suggestion that seems to be based only on industry chatter. Doing
so would not be prudent at this stage, as Enthusiast is on a path
to profitability. As such, disciplined spending is paramount. Our
leadership team's main goal for the past two years has been to
focus on gross margin expansion. This approach has seen our gross
margin improve to 28.4% for the period ended March 31, 2022, from
just 16% in 2019. To achieve this, our leadership team, led by Mr.
Montgomery, has reworked our entire business model, shifting away
from low-margin programmatic advertising to more lucrative direct
sales. We are on the cusp of achieving this goal by the end of
2022. In addition to the costly distraction caused by Greywood’s
dissident campaign, the risk of deviating from our sound business
plan – and pushing out profitability by doing what Greywood is
suggesting – could be disastrous for shareholders.
Open Offer to Greywood
Notwithstanding overwhelming shareholder support
and incredible progress made by Enthusiast in a short period of
time, the Company is keen on moving past the distraction. In this
regard, the Company has extended an open offer to Greywood to
appoint a nominee of its choosing to join the Board immediately.
Additionally, and regardless of whether Greywood accepts this
offer, the Company will: (1) conduct a strategic review focused on
additional opportunities for increased shareholder value; and (2)
by the upcoming AGM, reposition our CEO to Chair of the Board and
retain a highly qualified interim CEO until a new permanent CEO is
appointed by the Board. The new Chair and the Board (including the
Greywood nominee) will work with the interim CEO on the strategic
review, building on advanced and very exciting financial and
strategic opportunities for the Company.
While Greywood has suggested that certain
Enthusiast nominees, including Seth Berger, Alan Friedman, and
Angela Ruggiero, will be offered the opportunity to serve on a
Greywood Board. For clarity, none of the Enthusiast director
nominees has given consent to serve on a Greywood nominated
Board.
“I am pleased with the direction of the Company
and the responsible approach that the Board has taken to try and
end this distracting and costly proxy fight,” commented
Seth Berger, an Enthusiast nominee.
The Board is committed to moving past this
chapter expeditiously.
The Way Forward
Shareholders need a strong Board that is
able to capitalize on the unique positioning of Enthusiast and that
is focused on creating meaningful value instead of chasing clout
and the next shiny objects. This is why we are urging you to vote
only your BLUE proxy FOR Enthusiast’s director
nominees.
Enthusiast remains committed to its ambitious
plan to accelerate growth and continue margin expansion to achieve
profitability. Our flywheel model, centered around communities,
content, creators, and experiences, will continue to drive
increasing value. Our team is well positioned to continue
delivering results and value for the benefit of all shareholders.
With so much potential right in front of us, now is not the time to
risk your investment to unproven activist nominees.
Choose the Right Team. Choose
Enthusiast’s High-Performance Board
Vote the BLUE proxy FOR Enthusiast’s
nominees. Your vote is critical no matter how many shares you
own. We encourage you to vote well before the deadline of
10:00 am (Toronto time) on July 15, 2022.
If you have any questions or need help voting,
please contact Kingsdale Advisors:
- 1-866-851-2743 (toll-free within North America)
- 1-416-867-2272 (outside of North America)
- Email: contactus@kingsdaleadvisors.com
Sincerely,
John Albright, Lead Director
Advisors Norton Rose Fulbright
Canada LLP is acting as legal counsel to the Company. Canaccord
Genuity Corp. is acting as exclusive financial advisor to the
Company. Kingsdale Advisors is acting as strategic shareholder
advisor and strategic communications advisor to the Company.
About Enthusiast Gaming
Enthusiast is an integrated gaming entertainment company, building
the largest media and content platform for video game and esports
fans to connect and engage worldwide. Combining the elements of its
four core pillars: Communities, Content, Creators, and Experiences,
Enthusiast provides a unique opportunity and integrated approach to
reach and connect with its coveted GenZ and Millennial audience.
Through its proprietary mix of digital media and entertainment
assets, Enthusiast has built a vast network of like-minded
communities to deliver the ultimate fan experience.
Contacts
Enthusiast Gaming Investor Relations: Eric
Bernofsky, Chief Corporate Officer
investor@enthusiastgaming.com
Forward Looking Information
This news release contains certain statements
that may constitute forward-looking information under applicable
securities laws. All statements, other than those of historical
fact, which address activities, events, outcomes, results,
developments, performance or achievements that Enthusiast
anticipates or expects may or will occur in the future (in whole or
in part) should be considered forward-looking information. Often,
but not always, forward-looking information can be identified by
the use of words such as “plans”, “expects”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates”, or “believes” or variations (including negative
variations) of such words and phrases, or statements formed in the
future tense or indicating that certain actions, events or results
“may”, “could”, “would”, “might” or “will” (or other variations of
the forgoing) be taken, occur, be achieved, or come to pass.
Forward-looking statements in this news release include, but are
not limited to, statements regarding: expectations regarding the
future growth of the Company and execution of its business plan,
including the outcome of the strategic review; the ability to
retain an interim CEO and to appoint a permanent CEO within the
target timing; and the ability of the Company’s nominees to impact
future development and growth prospects.
Forward-looking statements are based on
assumptions, including expectations and assumptions concerning:
interest and foreign exchange rates; capital efficiencies, cost
saving and synergies; growth and growth rates; the success in the
esports and media industry; the success of the Company’s nominees
as directors and the positive impact they will have on the
Company’s growth and the Company’s growth plan; and the Company’s
ability to retain an interim CEO and to appoint a permanent CEO
within the target timing. While Enthusiast considers these
assumptions to be reasonable, based on information currently
available, they may prove to be incorrect. Readers are cautioned
not to place undue reliance on forward-looking statements. In
addition, forward-looking statements necessarily involve known and
unknown risks, including, without limitation, risks associated with
general economic conditions; adverse industry events; and future
legislative, tax and regulatory developments. Readers are cautioned
that the foregoing list is not exhaustive. For more information on
the risks, uncertainties and assumptions that could cause
anticipated opportunities and actual results to differ materially,
please refer to the public filings of Enthusiast which are
available on SEDAR at www.sedar.com. Readers are further cautioned
not to place undue reliance on forward-looking statements as there
can be no assurance that the plans, intentions or expectations upon
which they are based will occur. Such information, although
considered reasonable by management at the time of preparation, may
prove to be incorrect and actual results may differ materially from
those anticipated. Forward-looking statements contained in this
news release are expressly qualified by this cautionary statement
and reflect our expectations as of the date hereof, and thus are
subject to change thereafter. Enthusiast disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
Neither the TSX Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Exchange) accepts responsibility for the adequacy or accuracy
of this release.
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