Elys Game Technology (NASDAQ: ELYS), a gaming technology provider, proclaimed Mon that the Nasdaq Stock Market testament delist its unwashed gunstock on Tuesday, Oct. 17.
The new follows a decision by the Nasdaq Hearings Panel and comes as the carry has laboured to a lower place $1 per deal for roughly $8 months.
The Company’s common carry did not defend a lower limit closure conjure cost of $1.00 (“Minimum Bid Mary Leontyne Price Requirement”) per share as required by Nasdaq Listing Rule 5550(a)(2). Accordingly, the Nasdaq Hearings Panel has set to delist the Company’s shares from Nasdaq. Nasdaq testament finish the delisting by filing a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission (“SEC”), followers the expiration of relevant invoke periods,” according to a statement issued belatedly Monday past Elys.
Elys said it incurs yearbook expenses of roughly $1.6 gazillion to maintain the Nasdaq listing.
Where Elys Game Stock Goes From Here
Elys Game Technology is a tech provider, but it’s lumped in with sports wagering equities because the fellowship provides sports betting kiosks to businesses such as bars and restaurants that make permits to offer up sports wagering to customers.
The accompany has an chance to charm the Nasdaq delisting decision, but it hasn’t decided on whether or non it testament move send on with that opportunity. The shares closed at 41 cents today and haven’t closed higher up $1 in nearly octad months, indicating that perhaps the topper path to regain compliance with the exchange’s itemisation standards is via a reverse split.
“The Company’s evaluation will read into business relationship various factors, including the board’s assessment of the likeliness of the Company regaining and maintaining compliance with the continued itemisation requirements, through and through a reverse stock up split.,” added Elys inward the statement. “Additionally, the evaluation will encompass an analytic thinking of the benefits of continuing to listing on Nasdaq compared to the material costs, including the extensive dedication of management’s clip and resources for complying with various itemisation requirements.”
Elys inventory will merchandise otc under the stream stock ticker symbol, but stocks trading otc typically experience small or no followings among institutional investors.
Elys Stock Is Small
Canada-based Elys settled today with a marketplace capitalization of simply $15.91 million, indicating many professional person investors aren’t occupied with the shares. That despite the fact that the caudex is upward more than 46% year-to-date.
Through an concord inked with Italy’s Lottomatica, Elys has geographic diversity. Perhaps more importantly, the society isn’t saddled with massive debt obligations, as are so many gaming operators. It said it testament go along providing investor updates even with its Nasdaq departure.
“The Company intends to persist in providing selective information to its stockholders and taking actions within its verify to ease the quoting of its mutual caudex on the Pink Sheets or another OTC market, thereby ensuring the existence of a trading market for its plebeian stock,” Elys concluded inwards the statement. “However, at that place is no more guaranty that a broker testament proceed to piddle a market place in the usual gillyflower or that trading of the unwashed carry will uphold on an OTC market or elsewhere.”