Super League Secures $15.25 Million Investment Led by Evo Fund

Super League Enterprise closed the first tranche of a $15.25 million equity financing on Tuesday, led by digital-asset investor Evo Fund, as the struggling gaming-advertising company moves to eliminate debt and regain compliance with Nasdaq listing requirements.

The Santa Monica, Calif.-based company said Evo Fund committed $10 million of the total raise, which consisted of common stock, pre-funded warrants and common stock purchase warrants sold to accredited investors. A second closing is expected around Oct. 24, Super League said.

The financing marks a turning point for Super League, which has been working to overhaul its balance sheet after years of losses. Chief Executive Matt Edelman said in a statement that the company has achieved goals set six months ago: becoming debt-free and establishing the financial strength to focus entirely on business growth.

"This financing marks the culmination of months of disciplined work to overhaul our balance sheet and supercharge a new phase of growth," Mr. Edelman said.

Strategic Partnership Opens Door to Digital-Asset Expansion

Evo Fund's participation establishes it as a long-term strategic partner with access to a global network and experience managing cryptocurrency treasuries. Super League said the partnership will enable it to expand its core gaming-media business while pursuing a digital-asset strategy, including tokenized brand activations and blockchain-based prizes.

The company provides advertising solutions to reach what it says are more than 200 million U.S. gamers through interactive ads across mobile, web and connected-TV platforms. Super League is targeting profitability in the fourth quarter of 2025 as it seeks to capture a larger share of the nearly $1 trillion global advertising market.

Aegis Capital Corp. served as placement agent for the transaction. Kaufman & Canoles and Disclosure Law Group provided legal counsel. The securities were sold in a private placement without registration under the Securities Act of 1933.