HONG KONG, Oct. 17, 2014 /PRNewswire/ -- 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 October
15, 2014, the Company was notified by The NASDAQ Stock
Market LLC ("NASDAQ") that it has granted the Company an additional
180-day grace period, or until April 13, 2015, to regain
compliance with the minimum $1.00 bid price per share
listing requirement. The determination was based on the Company
meeting the continued listing requirement for market value of
publicly held shares and all other applicable requirements for
initial listing on The NASDAQ Capital Market with the exception of
the bid price requirement, and the Company's intent to cure the
deficiency during the second compliance grace period by effecting a
reverse stock split, if necessary.
According to the notification, if at any time during the second
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. If the Company fails to regain compliance by the end
of the second 180-day grace period, the Company's common stock will
be subject to delisting by NASDAQ.
During the second 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 notification has no
immediate impact on the listing of the Company's common stock.
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 $0.58, and it will actively monitor the
performance of the stock with respect to the listing standards.
About Entertainment Gaming Asia Inc.
Entertainment Gaming Asia Inc. (NASDAQ: EGT) is a gaming
company in Pan-Asia engaged in the leasing of electronic
gaming machines on a revenue sharing basis to the gaming industry
in Cambodia and the Philippines and the development and
operation of casinos and gaming venues in the Indo-China region
under its "Dreamworld" brand. 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, 2014 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.
SOURCE Entertainment Gaming Asia Inc.