EBET shares rise after co announces restructuring and profitability plan

EBET

15/08/2022 18:07

** Shares of online gambling platform operator EBET Inc
 EBET.O  up 1.7% at $2.46
    ** Co announces corporate restructuring and profitability
plan  urn:newsml:reuters.com:*:nPn3sShlra 
    ** Says it has taken considerable measures to become EBITDA
positive in August 
    ** Says it is reducing total number of employees and
contractors by ~54%
    ** Co says it will re-align resources to increase and expand
its focus to iGaming and lower investment in
non-revenue-generating esports products 
    ** Plans to grow in new geographic markets, expanding to
Brazil, and expects approval and receipt of the Netherlands and
Ontario gaming licenses in Q1 2023
    ** As of last close, EBET down 93.4% since debut in April
2021 

 (Reporting by Vansh Agarwal)
 ((Vansh.Agarwal@thomsonreuters.com;))