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
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SOURCE: Mobile Global Esports
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