By Josh Beckerman
Shares of SharpLink Gaming shares, which had more than quadrupled this year as of the market close, dropped as the company filed for the possible sale of stock and warrants by investors.
The marketing company's stock fell 69%, to $9.98, after hours Thursday.
SharpLink filed a Form S-3 registration statement for potential stock and warrant sales by the investors in a recent private placement.
The Minneapolis company, which serves sportsbooks and casinos, has pursued growth opportunities in the crypto gaming market.
SharpLink said May 27 that after the closing of a $425 million private placement, it would adopt an ethereum treasury strategy. Consensys Software was the lead investor in the private placement. SharpLink said at the time that it agreed to file a registration statement providing for the resale of stock.
After closing at $6.72 on May 23, shares ended the day at $35.83 on May 27.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
June 12, 2025 18:54 ET (22:54 GMT)
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