WESTPORT, CT and MUMBAI, INDIA / ACCESSWIRE / January 24, 2023 / Mobile Global Esports Inc. (MOGO) (NASDAQ:MGAM), the mobile esports company driving collegiate esports tournaments, team, player and social media platform development in India, today announced that the Company has received notice that it no longer faces delisting on Nasdaq following the return of its per share stock price to $1 or greater for 10 consecutive business days.
The Nasdaq Stock Market notified MOGO on December 22, 2022 that its common stock was not in compliance with the minimum bid price as its per share price had been below $1 for 30 consecutive business days. In accordance with the NASDAQ Listing Rule 5810(c)(3)(A), the Company had been provided 180 calendar days, or until June 19, 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.
Since then, NASDAQ staff determined that for the 10 consecutive business days, from January 5, 2023 to January 19, 2023, the closing bid price of the Company's common stock has been at $1.00 per share or greater. NASDAQ notified Mobile Global Esports on January 20, 2023 that it has regained compliance with Listing Rule 5550(a)(2) and the matter of delisting is now closed.
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. Forward-looking statements in this release, which are subject to risks and uncertainties, include statements regarding the expected use of proceeds. 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.
Media Contact: Rich Schineller, 941.780.8100, [email protected]
SOURCE: Mobile Global Esports