Mobile Global Esports Announces Share Repurchase Program

WESTPORT, CT and MUMBAI, INDIA / ACCESSWIRE / December 12, 2022 / Mobile Global Esports Inc. (MOGO) (NASDAQ:MGAM), the esports and social platform company driving collegiate esports tournaments, college teams, players and streamers, and platform development in India, today announced that its Board of Directors has approved a share repurchase program with authorization to purchase from time to time at the direction of the Board, up to $1 million of its common stock.

"We are committed to driving long-term value for our stockholders and in strategically deploying MOGO's resources and capital," said Mobile Global Esports CEO David Pross. "We are confident in our market opportunity and given the strength of our balance sheet the share repurchase program is an investment in our long-term growth. The Board believes that MOGO's potential as the preeminent collegiate esports entity in India is not reflected in the current market valuation which, when combined with the existing macroeconomic environment, presents an attractive buying opportunity for our stock."

The Share Buyback shall be for the purpose of repurchasing up to $1,000,000 of the Company's common stock traded on the NASDAQ Stock Exchange under the MGAM, pursuant to SEC Rule l0b-18.

MOGO may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The share buyback program may be suspended or discontinued at any time and does not obligate the company to acquire any amount of common stock. For the quarter ended September 30, 2022 the company had 18,134,610 weighted-average common and common equivalent shares outstanding.

MOGO uses its investor relations website (https://ir.mogoesports.com/), its Twitter handle (https://twitter.com/mogoindia), and wire service press releases as a means of disseminating or providing notification of, among other things, news or announcements regarding its business or financial performance, investor events, press releases, and earnings releases, and as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD.

About Mobile Global Esports Inc.

Mobile Global Esports Inc. (NASDAQ:MGAM) is a mobile esports and social platform company that holds trademark and IP rights for collegiate esports tournaments, teams, and players in India. Mobile Global Esports ("MOGO" or "Mogo") was organized in March of 2021 to carry on and expand an esports business (the "Business") started by its predecessor in 2016. MOGO is now building out and expanding its esports business, with special focus on India and other South Asian markets. For more information about the Company, please visit MOGO'swebsite andInstagram,Facebook &Twitter social media accounts. Investors can sign up for updates at MOGO Investor Relations Site:https://ir.mogoesports.com/alerts

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This release contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They are generally identifiable by use of the words "may," "will," "should," "anticipate," "estimate," "plans," "potential," "projects," "continuing," "ongoing," "expects," "management believes," "we believe," "we intend" or the negative of these words or other variations on these words or comparable terminology. These statements are based on our management's expectations, beliefs and assumptions concerning future events, which in turn are based on currently available information. These expectations, beliefs and assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking statements are reasonable, our expectations, beliefs and assumptions may prove to be incorrect.

Important factors that could cause actual events to differ materially from the results and events anticipated or implied by such forward-looking statements include, but are not limited to: Failure of future market acceptance of our mobile esports products and services; Increased levels of competition; Changes in political, economic or regulatory conditions generally and in the markets in which we operate; Our ability to retain and attract senior management and other key employees; Our ability to protect our trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others and prevent others from infringing on the proprietary rights of the Company; and Other risks, including those described in our reports filed with the Securities and Exchange Commission.

Media Contact:

Rich Schineller, 941.780.8100, rich@prmgt.com

SOURCE: Mobile Global Esports Inc.