(RTTNews) – Shares of Esports Entertainment Group, Inc. (GMBL) surged over 40 percent on Friday morning.
GMBL is currently trading at $7.68, up $2.26 or 41.70%, on the Nasdaq. Shares of the Malta-based online sports gambling company has been gaining after it announced that it has formed a new subsidiary in New Jersey.
The company’s stock has surged over 70% since Tuesday, May 26, when it announced plans to expand into the U.S.
The subsidiary, called GMBL New Jersey has been established to enable the operator to pursue gambling licenses throughout the US, with its first license application expected to be in the state within the coming months.
The company also received an additional $1.9 million in proceeds from a warrants issue at a unit price of $4.25 last week, taking its total to $2.75 million.
“Today’s announcement marks yet another significant milestone and provides the market with even greater insight as to our growth strategy,” said Esports Entertainment Group CEO Grant Johnson. “The US market represents a very big opportunity for us and thanks to the continued support of our valued shareholders, we intend to aggressively pursue it in 2020 and beyond.”
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