Mobile Global Esports Faces Delisting Concerns
Ticker: MGAM · Form: 8-K · Filed: Apr 12, 2024 · CIK: 1886362
| Field | Detail |
|---|---|
| Company | Mobile Global Esports, Inc. (MGAM) |
| Form Type | 8-K |
| Filed Date | Apr 12, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1.00, $1.00 m |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, regulatory-filing
TL;DR
MOGO might get delisted - big trouble for shareholders.
AI Summary
Mobile Global Esports, Inc. filed an 8-K on April 12, 2024, reporting a notice of delisting or failure to satisfy continued listing rules. The company is based in Westport, CT, and its principal executive offices are located at 500 Post Road East, 2nd Floor.
Why It Matters
This filing indicates potential issues with Mobile Global Esports' ability to remain listed on its current exchange, which could significantly impact its stock liquidity and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's continued trading on an exchange.
Key Players & Entities
- Mobile Global Esports, Inc. (company) — Registrant
- 001-41458 (company) — Commission File Number
- 86-2684455 (company) — IRS Employer Identification No.
- Westport, CT (company) — Location of principal executive offices
- 500 Post Road East, 2nd Floor (company) — Address of principal executive offices
- (475) 666-8401 (company) — Registrant's telephone number
FAQ
What specific listing rule or standard has Mobile Global Esports failed to satisfy?
The filing does not specify the exact rule or standard that Mobile Global Esports has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
When was this notice of delisting or failure to satisfy listing rules issued?
The earliest event reported in this filing occurred on April 9, 2024, and the report was filed as of April 12, 2024.
What is the company's commission file number?
The company's commission file number is 001-41458.
Where are Mobile Global Esports' principal executive offices located?
The principal executive offices of Mobile Global Esports are located at 500 Post Road East, 2nd Floor, Westport, CT 06880.
What is the IRS Employer Identification Number for Mobile Global Esports?
The IRS Employer Identification Number for Mobile Global Esports is 86-2684455.
Filing Stats: 693 words · 3 min read · ~2 pages · Grade level 14.8 · Accepted 2024-04-12 16:15:26
Key Financial Figures
- $1.00 — ness days, had closed below the minimum $1.00 per share and, as a result, the Company
- $1.00 m — e Company is not in compliance with the $1.00 minimum bid price requirement for the con
Filing Documents
- ea0203790-8k_mobile.htm (8-K) — 25KB
- 0001213900-24-032562.txt ( ) — 196KB
- mgam-20240409.xsd (EX-101.SCH) — 3KB
- mgam-20240409_lab.xml (EX-101.LAB) — 33KB
- mgam-20240409_pre.xml (EX-101.PRE) — 22KB
- ea0203790-8k_mobile_htm.xml (XML) — 4KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously reported, on April 11, 2023, Mobile Global Esports Inc. (the "Company") received written notice (the "Notice") from the , the Nasdaq Listing Qualifications Staff (the "Staff") of the Nasdaq Stock Market, LLC ("Nasdaq") indicating that the bid price for the Company's common stock (the "Common Stock"), for the last 30 consecutive business days, had closed below the minimum $1.00 per share and, as a result, the Company is not in compliance with the $1.00 minimum bid price requirement for the continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule"). The Company was provided an initial period of 180 calendar days, or until October 9, 2023 to regain compliance with the Minimum Bid Price Rule. Subsequently, on October 10, 2023, the Company was provided an additional 180 calendar day compliance period, or until April 8, 2024 to regain compliance. On April 9, 2024, the Staff notified the Company that it has not regained compliance with Listing Rule 5550(a)(2) (the "Delisting Determination"). Further, unless the Company requests an appeal of the Delisting Determination to a Hearings Panel (the "Panel") by April 16, 2024, the Company's securities will be scheduled for delisting from the Nasdaq Capital Market and will be suspended at the opening of business on April 18, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which will remove the Company's securities from listing and registration on the Nasdaq Stock Market. The Company does not intend to submit a hearing request therefore the Company's common stock will be suspended from trading on the Nasdaq Capital Market at the opening of business on April 18, 2024. The Company's common stock will be traded on the OTC Pink Sheets and the Company will seek to establish relationships with marke