SharpLink Gaming Receives Nasdaq Minimum Bid Price Deficiency Notice

Rhea-AI Summary

SharpLink Gaming Ltd. (NASDAQ:SBET) announced on November 4, 2022, that it received a letter from Nasdaq indicating non-compliance with the minimum bid price requirement of $1.00 per share. The company has a 180-day grace period until May 3, 2023, to regain compliance by maintaining the bid price above $1.00 for ten consecutive business days. If compliance is not achieved, the company may be eligible for an additional 180-day period. Currently, there is no immediate impact on trading, and shares will continue to trade on Nasdaq during the compliance period.

Positive

• SharpLink has a 180-day compliance period to regain Nasdaq listing standards.
• Continuation of trading on Nasdaq under the symbol 'SBET' without immediate impact.

Negative

• Received notice of non-compliance with Nasdaq's minimum bid price requirement.
• Failure to regain compliance could lead to potential delisting from Nasdaq.

MINNEAPOLIS, MN / ACCESSWIRE / November 9, 2022 / SharpLink Gaming Ltd. (NASDAQ:SBET) ("SharpLink" or the "Company"), "), a pioneer of targeted, data-driven user engagement and conversion solutions for the U.S. sports betting and iGaming industries, today announced that SharpLink has received a letter from Nasdaq Listing Qualifications on November 4, 2022 (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 May 3, 2023 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 Ordinary Shares 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 Ordinary Shares are subject to delisting. The Letter has no immediate effect on SharpLink's listing or the trading of its Ordinary Shares, and during the grace period, as may be extended, the Company's Ordinary Shares will continue to trade on the The Nasdaq Capital Market under the symbol "SBET."

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, behavioral modeling and tracking technologies, and by analyzing user's past and present behaviors, the Company serves 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 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 effects of the spread of Coronavirus (COVID-19) and future measures taken by authorities in the countries in which the Company operates on its operations, 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 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

SOURCE: SharpLink Gaming Ltd.

View source version on accesswire.com:
https://www.accesswire.com/724678/SharpLink-Gaming-Receives-Nasdaq-Minimum-Bid-Price-Deficiency-Notice

FAQ

What is the current compliance status of SharpLink Gaming Ltd. on Nasdaq?

SharpLink Gaming Ltd. is currently non-compliant with Nasdaq's minimum bid price requirement but has a 180-day grace period to regain compliance.

What is the deadline for SharpLink to regain compliance with Nasdaq?

SharpLink must regain compliance by May 3, 2023, to avoid potential delisting.

What happens if SharpLink fails to regain compliance with Nasdaq's requirements?

If SharpLink does not regain compliance by the end of the grace period, it may be subject to delisting from Nasdaq.

How does the non-compliance notice affect SharpLink's trading?

The non-compliance notice does not have an immediate effect on the trading of SharpLink's Ordinary Shares, which will continue to trade on Nasdaq.