Entertainment Gaming Asia Receives NASDAQ Listing Deficiency Notice
April 23 2014 - 9:00AM
Business Wire
Entertainment Gaming Asia Inc. (NASDAQ: EGT) (“Entertainment
Gaming Asia” or “the Company”), a gaming company focused on
emerging gaming markets in Pan-Asia, today announced that on April
17, 2014, the Company received a notice (the “Notice”) from The
NASDAQ Stock Market LLC (“NASDAQ”) indicating that it is not in
compliance with the minimum bid price requirement for continued
listing set forth in Listing Rule 5550(a)(2), which requires listed
securities to maintain a minimum bid price of $1.00 per share.
The Company will work to regain listing compliance and believes
that it has options available to ensure continued listing on
NASDAQ. Management and the Board of Directors are evaluating these
options to determine the optimal course of action. As of yesterday,
the closing bid price of the Company’s shares was $0.87, and it
will actively monitor the performance of the stock with respect to
the listing standards.
According to the Notice, the Company has been given a grace
period of 180 calendar days, until October 14, 2014, to regain
compliance with the minimum bid price requirement. If at any time
during the 180-day grace period, the minimum closing bid price per
share of the Company’s common stock closes at or above $1.00 for a
period of ten consecutive business days, the Company will regain
compliance and the matter will be closed. In the event the Company
does not regain compliance within this grace period, it may be
eligible to receive an additional 180-day grace period, provided
that it meets the continued listing requirement for market value of
publicly held shares and all other initial listing standards for
The NASDAQ Capital Market, with the exception of the minimum bid
price requirement, and provides written notice of its intention to
cure the minimum bid price deficiency during the second 180-day
grace period. If the Company fails to regain compliance after the
second 180-day grace period, the Company’s common stock will be
subject to delisting by NASDAQ.
During the initial 180-calendar day grace period and,
potentially the additional 180-calendar day grace period, the
Company’s common stock will continue to trade on The NASDAQ Capital
Market under the symbol "EGT". Therefore, the Notice has no
immediate impact on the listing of the Company’s common stock.
About Entertainment Gaming Asia Inc.
Entertainment Gaming Asia Inc. (NASDAQ: EGT) is a
leading gaming company in Pan-Asia engaged in the
development and operation of casinos and gaming venues in the
Indo-China region under its “Dreamworld” brand as well as the
leasing of electronic gaming machines on a revenue sharing basis to
the gaming industry. The Company also manufactures and sells RFID
and traditional gaming chips and plaques to major casinos under its
“Dolphin” brand. For more information please visit
www.EGT-Group.com.
Forward Looking Statements
This press release contains forward-looking statements
concerning Entertainment Gaming Asia within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Those
forward-looking statements include statements regarding
expectations for the Company’s ability to ensure continued listing
on The NASDAQ Capital Market. Such statements are subject to
certain risks and uncertainties, and actual circumstances, events
or results may differ materially from those projected in such
forward-looking statements. Factors that could cause or contribute
to differences include, but are not limited to, the risk that the
Company may be unable to develop and implement a plan to ensure the
continued listing of its common shares on The NASDAQ Capital Market
and other risks set forth in Entertainment Gaming Asia’s annual
report on Form 10-K for the year ended December 31, 2013 filed with
the SEC on March 31, 2013 and subsequently filed quarterly reports
on Form 10-Q. Entertainment Gaming Asia cautions readers not to
place undue reliance on any forward-looking statements.
Entertainment Gaming Asia does not undertake, and specifically
disclaims any obligation to update or revise such statements to
reflect new circumstances or unanticipated events as they
occur.
Entertainment Gaming Asia Inc.Traci
ManginiTraciMangini@EGT-Group.com312/867-0848
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