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.”
