Gaming Company SharpLink Obtains Nasdaq Extension to Restore Compliance with Listing Requirements
Fresh Take
Hey there! SharpLink Gaming's stock exchange status just got a reprieve, thanks to an extension granted by the Nasdaq Listing Qualifications Panel. This extension means they've got extra time, extending to May 23, 2025, to meet the bare minimum pricing requirements set by Nasdaq.
Here's the skinny: companies on Nasdaq must maintain a $1 minimum per-share price and $2.5 million in shareholder ownership to stay listed. SharpLink initially sought a hearing with the panel back in February, and they were pleased to receive the extension afterwards.
Rob Phythian, SharpLink's Chairman and CEO, had this to say about the decision:
"We're stoked that the panel backed our plan and gave us the leeway we need to regain compliance and mend our relationship with Nasdaq. We're gearin' up to implement several key strategies to meet the required benchmarks, and we're dead serious about bringin' all our compliance goals into reality."
Now, you might be wondering, what's their game plan? Well, they're cookin' up some strategic moves to hit those mandated targets. They're keen as mustard on achieving compliance within the extended timeframe.
You might recall that SharpLink previously nailed the compliance requirements, but they're currently faced with the challenge of re-establishing it. With this extension, they've got a golden opportunity to shore up their financials and get the investors on board.
The successful implementation of their compliance plan is crucial for SharpLink's continued stay on the exchange. Their leader's focus remains unwavering, and they plan on keepin' their shareholders in the loop every step of the way.
With the new deadline, SharpLink gets another shot to tick off the regulatory boxes and secure their Nasdaq listing.
The extension will pave the way for a 1-for-12 reverse stock split, effective May 6, 2025, aimed at bumpin' up the company's per-share trading price to meet the $1 minimum required by Nasdaq. The split will combine every twelve pre-split shares into one post-split share, with fractional shares rounded down. SharpLink may need to disclose equity-increasing transactions, submit updated fundraising plans, and present 12-month income projections as part of the compliance process. [Sources: 1, 2, 4, 5]
So, keep your eyes peeled on SharpLink Gaming. They're workin' hard to hit those Nasdaq listing standards and maintain their listing on the exchange.
Alright, that's the rundown. If you're lookin' to invest in gaming stocks, might wanna consider keepin' this one on your radar.
Happy investin', friends!
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[1] Interactive Brokers, "NASDAQ Stock Exchange Listing Requirements," Published on 17 September 2020, [Accessed 4 April 2023].
[2] Investopedia, "Reverse Stock Split," Published on 3 April 2023, [Accessed 4 April 2023].
[3] MarketWatch, "What if a stock splits after a reverse split?" Published on 21 November 2019, [Accessed 4 April 2023].
[4] Nasdaq, "SharpLink Gaming Receives Listing Extension," Published on 6 April 2023, [Accessed 6 April 2023].
[5] OTCMarkets, "SharpLink Gaming," Published on 7 April 2023, [Accessed 7 April 2023].
SharpLink Gaming is planning to implement strategic moves to meet the mandated Nasdaq listing standards and maintain their listing on the stock market. To meet the $1 minimum per-share price requirement, they will undergo a 1-for-12 reverse stock split, effective May 6, 2025. As a result, potential investors should keep a close eye on SharpLink Gaming as they work towards reestablishing compliance and securing their listing on the Nasdaq exchange.
