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      EBET, Inc. Stock: Why the Stock Is Drowning Today

      By Hasnain R

      Published on

      October 3, 2023

      5:42 PM UTC

      EBET, Inc. Stock: Why the Stock Is Drowning Today

      Ebet Inc. is a technology services entity operating in the packaged software industry. Despite facing hurdles in terms of earnings growth, the company has demonstrated remarkable revenue growth. However, the recent trading activities surrounding EBET US stocks have been a mixture of surges and declines, causing a stir in the investment community.

      EBET, Inc. (EBET) is making headlines as its stock price stands at a mere $0.70, experiencing a noteworthy -15.15% plunge today. This dramatic shift in fortune has garnered attention, with a substantial trading volume of 367,910,000 shares adding to the intrigue.

      Recent Activities

      Amendment to Its Existing $30,000,000 Term Loan

      On October 2, 2023, EBET, Inc. (NASDAQ: EBET), a prominent global operator of online i-gaming casino websites, revealed a significant financial development.

      The company announced an amendment to its existing $30,000,000 Term Loan, which has resulted in an increase in borrowing availability. Additionally, EBET’s discretionary Revolving Loan has been upsized from $2,000,000 to $4,000,000.

      These changes have been facilitated through a Second Amendment to the Credit Agreement and a modification to the existing Forbearance Agreement with CPBF Lending, LLC, EBET’s lender. Collectively, these adjustments are encompassed within the “Amended Credit Agreements.”

      EBET’s latest Opening and Closing Stock Prices

      In yesterday’s trading, Ebet’s stock exhibited an opening price of $0.93 and a closing price of $0.95. The market capitalization stood at approximately $23.64 million, with the stock’s daily range fluctuating between a low of $0.67 and a high of $0.95.

      There was a total of 448.05 million shares in circulation, with a free float percentage of -3.31. The book value per share was reported at -0.55, and the trading volume for the day reached 7,803,710 shares.

      The 1-for-30 Reverse Stock Split

      On September 29, 2023, in an unexpected move, EBET announced a 1-for-30 reverse stock split on. The strategic decision aimed to consolidate the company’s stock, thereby increasing its individual value.

      The reverse stock split took effect at 4:01 pm (Eastern Time) on the same day, and the company’s common stock began trading on a post-split basis on October 2.

      This change led to a reduction in the number of outstanding shares of common stock, which previously stood at roughly 448.2 million shares.

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