SharpLink Gaming Announces Receipt of Nasdaq Minimum Bid Price Deficiency Notice
July 17 2024 - 8:30AM
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 RELATIONSir@sharplink.com
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