SLE Stock Soars On Investment From Evo Fund, Company Says It Will Be Debt-Free

Super League Enterprise Inc. (SLE) shares skyrocketed over 160% in Tuesday's midday trade after the company announced an investment from Evo Fund on Monday, during after-market hours.

Super League said the private placement financing is anchored by a $10 million strategic equity investment from Evo Fund. As a result of this investment, the company said it will be debt-free. Evo Fund is a sponsor of digital asset treasury companies, such as Metaplanet Inc., which is the fifth-largest corporate Bitcoin treasury in the world, according to the company.

At the time of writing, POET Technologies was among the top ten trending stocks on Stocktwits. Retail sentiment around the company trended in 'extremely bullish' territory.

“Upon closing the financing and having Evo Fund as a committed partner, we will emerge much stronger, ready to pursue growth opportunities with renewed momentum. Super League will be debt-free, fully capitalized, and ideally positioned to advance our core business while exploring ways to accelerate growth through a symbiotic digital asset strategy,” said Super League CEO Matt Edelman.

The company added that the fundraising is expected to strengthen its balance sheet and help facilitate regaining compliance with Nasdaq's shareholder equity listing requirements. Evo Fund's strategic investment will also help Super League to evaluate and pursue opportunities in the cryptocurrency industry.

The Santa Monica, California-based company provides brands with ads and other gamified content within mobile games and immersive gaming platforms. 

SLE stock is up 2% year-to-date and 38% over the past 12 months.

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