SharpLink Gaming Announces Receipt of Nasdaq Minimum Bid Price Deficiency Notice

Rhea-AI Summary

SharpLink Gaming (Nasdaq: SBET) has received a notice from Nasdaq indicating non-compliance with the minimum bid price requirement. The company's stock must maintain a minimum bid price of $1.00 per share for continued listing. SharpLink has been granted a 180-day compliance period until January 7, 2025 to regain compliance.

To regain compliance, the closing bid price of SharpLink's Common Stock must be at least $1.00 for a minimum of ten consecutive business days during this period. If unsuccessful, the company may be eligible for an additional 180-day period if it meets other listing requirements. Failure to comply could result in delisting from The Nasdaq Capital Market.

Positive

• 180-day compliance period granted to regain minimum bid price requirement
• Possibility of additional 180-day period if other listing requirements are met
• No immediate effect on listing or trading of Common Stock

Negative

• Non-compliance with Nasdaq's minimum bid price requirement of $1.00 per share
• Risk of delisting if compliance is not achieved within the given timeframe

MINNEAPOLIS, July 17, 2024 (GLOBE NEWSWIRE) -- SharpLink Gaming, Inc. (Nasdaq: SBET) (“SharpLink” or the “Company”) today announced that the Company received a letter from Nasdaq Listing Qualifications on July 11, 2024 (the “Letter”) indicating that the Company is no longer in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5550(a)(2), which requires listed securities to maintain a minimum bid price of $1.00 per share.

The rules also provide SharpLink a compliance period of 180 calendar days to regain compliance. According to the Letter, the Company has until January 7, 2025 to regain compliance with the minimum bid price requirement. SharpLink can regain compliance if at any time during this 180-day period, the closing bid price of its Common Stock is at least $1.00 for a minimum of ten consecutive business days, in which case SharpLink will be provided with written confirmation of compliance by Nasdaq and this matter will be closed. In the event that the Company fails to regain compliance after the initial 180-day period, SharpLink may then be eligible for additional time if it meets the continued listing requirements for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will be required to provide written notice of its intention to cure the deficiency during the second compliance period equal to an additional 180 calendar days.

If SharpLink cannot demonstrate compliance by the end of the second compliance period, Nasdaq will notify SharpLink that its Common Stock is subject to delisting. The Letter has no immediate effect on SharpLink's listing or the trading of its Common Stock, and during the grace period, as may be extended, the Company's Common Stock will continue to trade on The Nasdaq Capital Market under the symbol "SBET."

About SharpLink Gaming, Inc.

Headquartered in Minneapolis, Minnesota, SharpLink is a trusted marketing partner to leading sportsbooks and online casino gaming operators worldwide. Through its iGaming affiliate marketing network, known as PAS.net, SharpLink focuses on driving qualified traffic and player acquisitions, retention and conversions to U.S. regulated and global iGaming operator partners worldwide. In fact, PAS.net won industry recognition as the European online gambling industry’s Top Affiliate Website and Top Affiliate Program for four consecutive years by both igamingbusiness.com and igamingaffiliate.com. SharpLink also owns and operates a portfolio of direct-to-player, state-specific, affiliate marketing websites designed to attract, acquire and drive local sports betting and online casino gaming traffic to its valued partners which are licensed to operate in each respective state. For more information, please visit www.sharplink.com.

Forward-Looking Statements

This release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the expected growth in the online betting and iGaming industries, the Company’s ability to grow its business, the potential benefits of the Company’s products, services and technologies and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, government regulation of online betting, customer acceptance of new products and services, the demand for its products and its customers’ economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company and its competitors, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the SEC. The Company does not undertake any responsibility to update the forward-looking statements in this release.

CONTACT INFORMATION:

INVESTOR AND MEDIA RELATIONS
ir@sharplink.com

FAQ

What is the minimum bid price requirement for SharpLink Gaming (SBET) to maintain Nasdaq listing?

SharpLink Gaming (SBET) must maintain a minimum bid price of $1.00 per share to comply with Nasdaq's listing requirements.

When is the deadline for SharpLink Gaming (SBET) to regain compliance with Nasdaq's minimum bid price requirement?

SharpLink Gaming (SBET) has until January 7, 2025, to regain compliance with Nasdaq's minimum bid price requirement.

How can SharpLink Gaming (SBET) regain compliance with Nasdaq's minimum bid price requirement?

SharpLink Gaming (SBET) can regain compliance if its closing bid price is at least $1.00 for a minimum of ten consecutive business days during the 180-day compliance period.

What happens if SharpLink Gaming (SBET) fails to meet Nasdaq's minimum bid price requirement by January 7, 2025?

If SharpLink Gaming (SBET) fails to meet the requirement by January 7, 2025, it may be eligible for an additional 180-day compliance period if it meets other listing standards. Failure to comply after this could result in delisting from Nasdaq.