Item 3.01 - Notice of Delisting or Failure to Satisfy a Continued Listing Rule
or Standard; Transfer of Listing
On January 26, 2022, NextPlay Technologies, Inc. (the "Company") received a
notification letter (the "Notice") from the Listing Qualifications Department of
The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, because the
closing bid price for the Company's common stock was below $1.00 per share for
30 consecutive trading days, the Company is not currently in compliance with the
minimum bid price requirement for continued listing on The Nasdaq Capital
Market, as set forth in Nasdaq Marketplace Rule 5550(a)(2) (the "Minimum Bid
Price Requirement").
The notification has no immediate effect on the listing of the Company's common
stock on the Nasdaq Capital Market, and, therefore, the Company's listing
remains fully effective.
In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has a
period of 180 calendar days from January 26, 2022, or until July 25, 2022, to
regain compliance with the Minimum Bid Price Requirement. If at any time before
July 25, 2022, the closing bid price of the Company's common stock closes at or
above $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will
provide written notification that the Company has achieved compliance with the
Minimum Bid Price Requirement, and the matter would be resolved. If the Company
does not regain compliance during the compliance period ending on July 25, 2022,
then Nasdaq may grant the Company a second 180 calendar day grace period to
regain compliance, provided the Company (i) meets the continued listing
requirement for market value of publicly-held shares and all other initial
listing standards for the Nasdaq Capital Market, other than the minimum closing
bid price requirement, and (ii) the Company notifies Nasdaq of its intent to
cure the deficiency.
The Company intends to continue actively monitoring the closing bid price for
the Company's common stock between now and July 25, 2022, and will consider
available options to resolve the deficiency and regain compliance with the
Minimum Bid Price Requirement. If the Company does not regain compliance within
the allotted compliance period, including any extensions that may be granted by
Nasdaq, Nasdaq will provide notice that the Company's common stock will be
subject to delisting. The Company would then be entitled to appeal that
determination to a Nasdaq hearings panel. There can be no assurance that the
Company will regain compliance with the Minimum Bid Price Requirement during the
180 day compliance period, secure a second period of 180 calendar days to regain
compliance, or maintain compliance with the other Nasdaq listing requirements.
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