Mobile Global Esports, Inc 8-K, filed Sep 22, 2025
Mobile Global Esports, Inc. (MGAM)
About this 8-K
Mobile Global Esports, Inc filed this 8-K on September 22, 2025, reporting on events of September 16, 2025.
Items reported
- Item 1.01: Entered into a material agreement
- Item 2.03: New debt or off-balance-sheet obligation
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CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement
On September 16, 2025, Mobile Global Esports, Inc. (the “Company”) issued a convertible promissory note in the aggregate principal amount of $150,000 of which $$15,000 is original issue discount (the “Note”) to an investor (the “Investor”).
The Note bears interest at 6% per annum and has a maturity date of September 15, 2026. In addition, the Note is convertible into the Company’s common stock beginning six (6) months after issuance at a conversion price equal to 65% multiplied by the Market Price. Market Price means the lowest trading price of the common stock during the fifteen (15) trading day period ending on the latest complete trading day prior to the conversion date. The Note may be prepaid by the Company at 110% beginning on the date of issuance until twenty nine (29) days following the issuance date, 115% beginning on the thirtieth (30th) day following the issuance date and ending fifty nine (59) days following the issuance date, 125% beginning on the sixtieth (60th) day following the issuance date and ending on the eighty ninth (89th) day following the issuance date, 130% beginning on the ninetieth (90th) day following the issuance date and ending on the one hundred nineteenth (119th) day following the issuance date, 135% beginning on the one hundred twentieth (120th) day following the issuance date and ending on the one hundred forty ninth (149th) day following the issuance date and 140% beginning on the one hundred fiftieth (150th) day following the issuance date and ending one hundred eighty (180) days following the issuance date .
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 22, 2025
| MOBILE GLOBAL ESPORTS INC. |
| By: | /s/ Brett Rosin | |
| Brett Rosin | ||
| Chief Executive Officer |
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