Mobile Global Esports Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation
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Item 1.01 Entry into a Material Definitive Agreement
On September 9, 2025, Mobile Global Esports, Inc. (the “Company”) issued a convertible promissory note in the aggregate principal amount of $165,000 of which $15,000 is original issue discount (the “Note”) to an investor (the “Investor”).
The Note bears interest at 10% per annum and has a maturity date of September 8, 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 average of the three (3) lowest trading prices 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 97% beginning on the date of issuance until ninety (90) days following the issuance date, 98% beginning on the ninety first (91st) day following the issuance date and ending one hundred fifty (150) days following the issuance date and 99% beginning on the one hundred fifty first (151st) 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 9, 2025
| MOBILE GLOBAL ESPORTS INC. |
| By: | /s/ Brett Rosin | |
| Brett Rosin | ||
| Chief Executive Officer |
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