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Dragon Victory International Limited (Nasdaq: LYL) announced it received a notification from Nasdaq on September 21, 2022, regarding non-compliance with the minimum bid price requirement of $1.00 per share. The deficiency occurred over 30 consecutive business days from August 9 to September 20, 2022. The company now has until March 20, 2023, to regain compliance. Despite this, the notification does not currently affect the company’s Nasdaq listing or operations. Options such as a reverse share split may be considered to meet the bid price requirement.
Dragon Victory International Limited (LYL) has entered a binding term sheet for a business transformation and potential investment with Natural Selection Capital Holdings and others. The plan includes a shift to a blockchain-related business and an aggregate private placement of at least $7,000,000 through the issuance of ordinary shares. The deal involves significant warrants for consultants tied to performance milestones, with completion expected within four to six months. However, there are no guarantees that the transaction will be finalized or yield expected benefits.
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