Common Stock to be Reverse Split in advance of Planned Nasdaq Listing
NEW YORK, NY / ACCESSWIRE / November 25, 2019 / Newgioco Group, Inc. ("Newgioco" or the "Company") (OTCQB:NWGI), a global sports betting and gaming technology company providing fully integrated software solutions to online and land-based gaming and sports betting operators, announces that the Board of Directors of the Company approved a reverse stock split of the Company's issued and outstanding shares of common stock, par value $0.0001 per share (the "Common Stock"), at the ratio of one (1) share of Common Stock for every eight (8) shares of Common Stock (the "Reverse Stock Split"), with an effective date of December 12, 2019. The Reverse Stock Split was approved by holders of 62.7% of the total issued and outstanding shares of voting stock of the Company on September 23, 2019. No fractional shares will be issued under the stock consolidation and any fraction will be rounded to the nearest whole number.
"We have elected a Reverse Stock Split to potentially allow Newgioco to meet the listing requirements of The Nasdaq Capital Market," stated Michele (Mike) Ciavarella, Newgioco Chief Executive Officer. "As one of the only end-to-end, omnichannel betting technology solution providers in the world, operators using older betting platforms have continued to switch to Newgioco's ELYS platform for its superior bet risk management, customisation, speed, reliability and cost-effectiveness."
"Our year-over-year growth has been exceptional, proving that ELYS continues to gain strong demand from retail and online gaming operators throughout the highly competitive Italian leisure betting market while our penetration into key global markets through partnerships with restaurant, bar, tavern, convenience store and a variety of private venue operators continues to expand," explained Ciavarella. "Our Board believes that a listing on Nasdaq can provide a substantial benefit to our stockholders by improving liquidity and increasing the appeal of our stock to institutional investors."
With the successful implementation of the Reverse Stock Split and provided that the Company's common stock meets the Nasdaq minimum bid price requirement, the Company believes it should meet the requirements for listing its common stock on The Nasdaq Capital Market.
About Newgioco Group, Inc.
Newgioco Group, Inc., is a global leisure gaming technology company, with fully licensed online and land-based gaming operations and innovative betting technology platforms that provide bet processing for casinos and other gaming operators. The Company conducts its business under the registered brand Newgioco primarily through its internet-based betting distribution network on its website, www.newgioco.it as well as in retail neighborhood betting shops throughout Italy.
Newgioco offers clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, interactive games and slots. Newgioco also owns and operates innovative betting platform software providing both B2B and B2C bet processing for casinos, sports betting and other online and land-based gaming operators. Additional information is available on our corporate website at www.newgiocogroup.com.
Investors may also find us on Facebook® and follow us on Twitter @NWGI_gaming.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and includes statements regarding electing a Reverse Stock Split to potentially allow Newgioco to meet the listing requirements of The Nasdaq Capital Market, operators using older betting platforms continuing to switch to Newgioco's ELYS platform for its superior bet risk management, customisation, speed, reliability and cost-effectiveness. ELYS continuing to gain strong demand from retail and online gaming operators, penetration into key global markets through partnerships continuing to expand, a listing on Nasdaq providing a substantial benefit to our stockholders by improving liquidity and increasing the appeal of our stock to institutional investors, and subject to meeting the Nasdaq minimum bid price requirement, the Company meeting all requirements for listing its common stock on the NASDAQ Capital Market. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include our ability to meet the Nasdaq minimum bid price requirement following the Reverse Stock Split, our ability to continue to encourage operators using older betting platforms to switch to our ELYS platform for its superior bet risk management, customisation, speed, reliability and cost-effectiveness, our ability to continue to gain strong demand from retail and online gaming operators, our ability to continue to expand penetration into key global markets through partnerships, our ability to improve liquidity and increase the appeal of our stock to institutional investors through a listing on Nasdaq, our ability to meet all requirements for listing our common stock on The Nasdaq Capital Market, and the risk factors described in Newgioco's Annual Report on Form 10-K for the year ended December 31, 2018 and our subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.
For further information, please contact:
Newgioco Group, Inc.
Michele Ciavarella, Chief Executive Officer
[email protected]
SOURCE: Newgioco Group, Inc.