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Esports Entertainment Group | 8-K: Current report

SEC announcement ·  Feb 13 14:40
Summary by Moomoo AI
On February 13, 2024, Esports Entertainment Group, Inc. (EEG), a prominent iGaming and esports content provider, announced its decision to voluntarily delist its securities from the Nasdaq Stock Market. The securities affected include the company's Common Stock, 10.0% Series A Cumulative Redeemable Convertible Preferred Stock, and Common Warrants. The decision was made by the Board of Directors after careful consideration and is aimed at reducing public costs while the company focuses on growth and profitability. EEG is currently not in compliance with Nasdaq's minimum stockholders' equity requirement and is under a Nasdaq Panel Monitor. The company plans to file a Form 25 with the SEC on or about February 23, 2024, to proceed with the delisting, which is expected to take effect 10 days post...Show More
On February 13, 2024, Esports Entertainment Group, Inc. (EEG), a prominent iGaming and esports content provider, announced its decision to voluntarily delist its securities from the Nasdaq Stock Market. The securities affected include the company's Common Stock, 10.0% Series A Cumulative Redeemable Convertible Preferred Stock, and Common Warrants. The decision was made by the Board of Directors after careful consideration and is aimed at reducing public costs while the company focuses on growth and profitability. EEG is currently not in compliance with Nasdaq's minimum stockholders' equity requirement and is under a Nasdaq Panel Monitor. The company plans to file a Form 25 with the SEC on or about February 23, 2024, to proceed with the delisting, which is expected to take effect 10 days post-filing. Following the delisting, EEG's securities are expected to be listed on the OTCQB Venture Market. Additionally, EEG is contemplating deregistering its Common Stock under Section 12(g) of the Exchange Act to further reduce costs and allow management to concentrate on performance improvement. The company's CEO, Alex Igelman, expressed that despite the intrinsic value of the business, the current market price does not reflect this, and the move to OTCMarkets will enable EEG to reallocate resources to more profitable initiatives.

This announcement is a separate document:

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