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Esports Entertainment Group | NT 10-Q: Notice under Rule 12b25 of inability to timely file all or part of a form 10-Q or 10-QSB

SEC announcement ·  Feb 15 17:09
Summary by Moomoo AI
Esports Entertainment Group, Inc. has filed a notification of late filing for its Quarterly Report on Form 10-Q for the period ended December 31, 2023. The company was unable to file the report by the February 14, 2024 deadline due to challenges that led to its decision to delist from the Nasdaq Capital Markets. These challenges include compiling unaudited financial information and evaluating the effects of delisting and repositioning its strategy. The company anticipates significant changes in its financial results compared to the previous year, with preliminary estimates indicating decreased net revenue and reduced operating expenses. Esports Entertainment Group has also reported a net loss and a total stockholders' deficit below Nasdaq's minimum equity requirement, leading to its delisting. The company is currently...Show More
Esports Entertainment Group, Inc. has filed a notification of late filing for its Quarterly Report on Form 10-Q for the period ended December 31, 2023. The company was unable to file the report by the February 14, 2024 deadline due to challenges that led to its decision to delist from the Nasdaq Capital Markets. These challenges include compiling unaudited financial information and evaluating the effects of delisting and repositioning its strategy. The company anticipates significant changes in its financial results compared to the previous year, with preliminary estimates indicating decreased net revenue and reduced operating expenses. Esports Entertainment Group has also reported a net loss and a total stockholders' deficit below Nasdaq's minimum equity requirement, leading to its delisting. The company is currently under a Nasdaq Panel Monitor and is not in compliance with the Equity Rule. The delisting may negatively impact the company's ability to raise capital and the perception of its financial condition. As of December 31, 2023, the company had approximately $1.1 million in cash on hand, which decreased to about $0.3 million by February 14, 2024. The company is exploring additional financing sources and acknowledges ongoing material weaknesses in its internal control over financial reporting.

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