WESTPORT, CT and MUMBAI, INDIA / ACCESSWIRE / April 17, 2023 / Mobile Global Esports Inc. (MOGO) (NASDAQ:MGAM), the esports and social platform company driving collegiate esports tournaments, college teams, players and streamers, and platform development in India, today announced that it has received a notification letter from the NASDAQ Stock Market LLC dated April 11, 2023, notifying the Company that it is not in compliance with the minimum bid price requirement as set forth under NASDAQ Listing Rule 5550(a)(2) for continued listing on the NASDAQ. This press release is issued pursuant to NASDAQ Listing Rule 5810(b), which requires prompt disclosure upon the receipt of a deficiency notification.
NASDAQ Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 31 consecutive business days. Based on the closing bid price of the Company's ordinary shares for the 31 consecutive business days from February 24, 2023 to April 10, 2023, the Company did not meet the minimum bid price requirement.
In accordance with the NASDAQ Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until October 9, 2023, to regain compliance with NASDAQ Listing Rule 5550(a)(2). To regain compliance, the Company's ordinary shares must have a closing bid price of at least $1.00 for a minimum of 10 consecutive trading days. In the event that the Company does not regain compliance by October 9, 2023, the Company may be eligible for additional time to regain compliance or may face delisting.
The receipt of the Notification Letter has no immediate effect on the listing of the Company's common shares, which will continue to trade uninterrupted on NASDAQ under the ticker "MGAM." The Company intends to drive shareholder value through expansion of operations and offerings in the Indian esports market while continuing to vigilantly manage its resources to address the minimum share bid price requirement in due course.
About Mobile Global Esports Inc.
Mobile Global Esports Inc. (NASDAQ: MGAM) is a mobile esports and social platform company that holds trademark and IP rights for collegiate esports tournaments, teams, and players in India. Mobile Global Esports ("MOGO" or "Mogo") was organized in March of 2021 to carry on and expand an esports business (the "Business") started by its predecessor in 2016. MOGO is now building out and expanding its esports business, with special focus on India and other South Asian markets. For more information about the Company, please visit MOGO's website and Instagram, Facebook & Twitter social media accounts. Investors can sign up for updates at MOGO Investor Relations Site: https://ir.mogoesports.com/alerts
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This release contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They are generally identifiable by use of the words "may," "will," "should," "anticipate," "estimate," "plans," "potential," "projects," "continuing," "ongoing," "expects," "management believes," "we believe," "we intend" or the negative of these words or other variations on these words or comparable terminology. These statements are based on our management's expectations, beliefs and assumptions concerning future events, which in turn are based on currently available information. These expectations, beliefs and assumptions could prove inaccurate. Although we believe that the estimates and projections reflected in the forward-looking statements are reasonable, our expectations, beliefs and assumptions may prove to be incorrect.
Important factors that could cause actual events to differ materially from the results and events anticipated or implied by such forward-looking statements include, but are not limited to: Failure of future market acceptance of our mobile esports products and services; Increased levels of competition; Changes in political, economic or regulatory conditions generally and in the markets in which we operate; Our ability to retain and attract senior management and other key employees; Our ability to protect our trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others and prevent others from infringing on the proprietary rights of the Company; and Other risks, including those described in our reports filed with the Securities and Exchange Commission.
Media Contact: Rich Schineller, 941.780.8100, [email protected]
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SOURCE: Mobile Global Esports Inc.