Motorsport Games Regains Compliance With Nasdaq Minimum Bid Price Requirement
MIAMI, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (Motorsport Games or Company), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, announced today that it has received notice from the Nasdaq Stock Market LLC (Nasdaq) on November 28, 2022 informing Motorsport Games Inc. that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Rule") for continued listing on The Nasdaq Capital Market.
- MIAMI, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Motorsport Games Inc. (NASDAQ: MSGM) (Motorsport Games or Company), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, announced today that it has received notice from the Nasdaq Stock Market LLC (Nasdaq) on November 28, 2022 informing Motorsport Games Inc. that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) (the "Rule") for continued listing on The Nasdaq Capital Market.
- Motorsport Games was previously notified by Nasdaq on June 6, 2022 that it was not in compliance with the minimum bid price rule because its Class A common stock failed to meet the closing bid price of $1.00 or more for 30 consecutive business days.
- As previously disclosed in Motorsport Games current report on Form 8-K filed with the Securities and Exchange Commission on November 14, 2022, Motorsport Games received the notification form The NASDAQ Stock Market that Motorsport Games no longer complies with Nasdaqs audit committee requirement under Rule 5605 and the minimum of 500,000 publicly held shares requirement under Rule 5550(a)(4).
- Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world.