Lionel Messi’s brand partner MGO Global files for IPO

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Florida-based MGO Global Inc., the licensee of soccer player Lionel Messi’s ready-to-wear clothing line, has filed to go public, seeking to sell 1.5 million shares at $5.00 a piece even as its prospectus outlines a going-concern warning. The company said the actual number of shares offered may vary based on an actual offering price. In addition, 22 of its stockholders are offering 2.5 million shares, MGO said in its prospectus late Friday. The Messi Brand is MGO’s “first and only asset,” but the company said it plans on “strategically expand its collection of lifestyle brands through industry collaborations, licensing, acquisitions and organic brand development,” even though it is not in active discussions with any third parties on potential collaborations, licensing or acquisitions at the moment, it said. As of Dec. 31, 2021, the company had an accumulated deficit of $3.21 million. Revenue for the nine months ended Sept. 30 reached $336,103, from $557,641 in the same period in 2021, and net losses reached $1.86 million, from $375,303 a year ago, the company said. “There is substantial doubt regarding our ability to continue as a going concern as a result of our historical recurring losses and negative cash flows from operations, as well as our dependence on private equity and financings,” it said. The company would trade on the Nasdaq under the symbol MGOL.

This article was originally published by Marketwatch.com. Read the original article here.

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