SharpLink Gaming Announces Receipt of Notice of Deficiency with Nasdaq Continued Listing Requirements
SharpLink Gaming Ltd. (Nasdaq:SBET) reported it has received a notification from Nasdaq regarding non-compliance with the minimum Market Value of Listed Securities (MVLS). The company has until October 17, 2022, to regain compliance, which requires an MVLS of $35 million for 10 consecutive business days. SharpLink believes it currently meets alternative compliance standards and will confirm this through its upcoming audited financial results for fiscal year 2021.
- Belief in compliance with alternative minimum stockholders’ equity standards.
- Expected timely filing of audited financial results that may strengthen compliance.
- Notification of non-compliance with Nasdaq's MVLS requirements.
MINNEAPOLIS, April 22, 2022 (GLOBE NEWSWIRE) -- SharpLink Gaming Ltd. (Nasdaq:SBET) (“SharpLink” or the “Company”), a pioneer of targeted, data-driven user engagement and conversion solutions for the emerging U.S. sports betting and iGaming industries, today announced that it has received a letter from the Listing Qualifications staff of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that it is no longer in compliance with the minimum Market Value of Listed Securities (MVLS) set forth in Nasdaq Marketplace Rule 5550(b)(2) or the alternative criteria for continued listing on the Nasdaq Capital Market. This notice has no immediate action regarding the Company’s listing or trading of the Company’s stock.
In accordance with Nasdaq Marketplace Rule 5810(c)(3)(C), the Company has 180 calendar days, or until October 17, 2022, to regain compliance. If at any time during the compliance period the Company’s MVLS closes at
The Company believes it is currently in compliance with Nasdaq continued standards under the alternative minimum stockholders’ equity standard as defined in Nasdaq Marketplace Rule 5550(b)(1). Management believes it will be able to demonstrate such compliance upon the filing of its audited financial results for the year ended December 31, 2021 on Form 20-F, expected to be filed timely with the U.S. Securities and Exchange Commission.
About SharpLink Gaming Ltd.
Founded in 2019 and based in Minneapolis, Minnesota, SharpLink is a leading online technology company that connects sports fans, leagues and sports websites to relevant and timely sports betting and iGaming content. SharpLink uses proprietary, intelligent, online conversion technology to convert sports fans into sports bettors for licensed, online sportsbook operators. SharpLink's intelligent C4 Sports Betting Conversion technology delivers and determines the best sportsbook betting offers and experience for each identified user. Using sophisticated, AI-enabled behavioral modeling and tracking technologies, and by analyzing user's past and present behaviors, we serve sports fans with personalized betting offers specifically tied to each fan's favorite sports, teams and players. Additionally, SharpLink specializes in helping sports media companies develop strategies, products and innovative solutions to drive deep customer engagement with highly interactive sports games and mobile applications. SharpLink is run by industry veterans with several successful exits in the sports gaming and iGaming sectors. For more information, please visit the SharpLink website at 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 Company’s ability to regain compliance with Nasdaq’s continued listing standards and the timing thereof, the expected growth in the online betting industry, 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 effects of the spread of Coronavirus (COVID-19) and future measures taken by authorities in the countries in which we operate on our operations, the demand for our products and our customers' economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company, the Company’s ability to obtain the capital resources necessary to fund its business, and other risk factors detailed in the Company's annual report and other filings with the United States Securities and Exchange Commission. The Company does not undertake any responsibility to update the forward-looking statements in this release.
CONTACT INFORMATION:
| SHARPLINK INVESTOR RELATIONS: SharpLink Gaming Ltd. Dodi Handy, Director of Communications Phone: 407-960-4636 Email: ir@sharplink.com | SHARPLINK MEDIA RELATIONS: Hot Paper Lantern Michael Adorno, Vice President, Communications Phone: 212-931-6143 Email: madorno@hotpaperlantern.com | |
FAQ
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