Form 8-K - Current report
August 21 2023 - 8:30AM
Edgar (US Regulatory)
0001829966
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0001829966
2023-08-14
2023-08-14
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 15, 2023
___________________________
EBET, Inc.
(Exact name of registrant as specified in its
charter)
___________________________
Nevada |
001-40334 |
85-3201309 |
(State or other jurisdiction of
incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
3960
Howard Hughes Parkway, Las Vegas,
NV 89169
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including
area code: (888) 411-2726
Not Applicable
(Former Name or Former Address, if Changed
Since Last Report)
___________________________
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
☐ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
Trading
Symbols(s) |
Name
of each exchange on which registered |
Common stock, par value $0.001 per share |
EBET |
The NASDAQ Stock Market LLC |
Item 3.01. Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously reported,
on November 21, 2022, EBET, Inc. (the “Company”) received a deficiency letter from the Listing Qualifications Department (the
“Staff”) of the Nasdaq Stock Market (“Nasdaq”) notifying the Company that for the last 30 consecutive business
days the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued inclusion
on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”). In accordance with Nasdaq
Listing Rule 5810(c)(3)(A) (the “Compliance Period Rule”), the Company was provided an initial period of 180 calendar days
to regain compliance with the Bid Price Rule. The Company requested an additional 180 days in which to regain compliance, and on May 23,
2023 the Company received notice from Nasdaq informing the Company that it had been granted an additional 180-day period, or until November
20, 2023, to regain compliance with the minimum bid price requirement.
On July 31, 2023, the
Company was notified by the Staff that it had determined that the Company’s common stock had a closing bid price of $0.10 or less
for ten consecutive trading days from July 17, 2023 through July 28, 2023. Accordingly, since the Company was subject to the provisions
set forth under Listing Rule 5810(c)(3)(A)(iii), the Staff had determined to delist the Company’s securities from The Nasdaq Capital
Market. The Company submitted a hearing request to Nasdaq’s Hearings Department, which stayed the suspension of the Company’s
common stock pending the panel’s decision. The Company’s hearing is scheduled for October 12, 2023.
On August 15, 2023, the Company received a letter
from the Staff, which notified the Company that it does not presently comply with Nasdaq’s Listing Rule 5550(b)(1) (the “Listing
Rule”), which requires that the Company maintain a minimum of $2.5 million in stockholders’ equity, and that the Company also
does not meet the alternatives of market value of listed securities or net income from continuing operations set forth in the Listing
Rule.
The letter stated that, in addition to Bid Price
Rule deficiency, the Nasdaq Hearings Panel will also consider the non-compliance with the Listing Rule in rendering a determination regarding
the Company’s continued listing on The Nasdaq Capital Market. If the Company fails to address the non-compliance with the Listing
Rule, the Nasdaq Hearings Panel will consider the record as presented at the hearing and will make its determination based upon that information.
Item 8.01 Other
Events.
On
November 29, 2021, the Company issued 37,700 shares of its Series A Convertible Preferred Stock (the “Preferred Stock”) for
a purchase price of $1,000.00 per share. As previously reported, pursuant to the terms of the Preferred Stock on July 31, 2023 the
conversion price of the Preferred Stock was reduced from $0.71 per share to $0.086 per share. To date, the Company has received conversion
notices with respect to 34,627 shares of Preferred Stock, resulting in the issuance of 378,874,532 shares of common stock, and 3,073 shares
of Preferred Stock remain outstanding that are convertible into 43,961,841 shares of common stock. As of August 21, 2023, the Company
has 404,089,207 shares of common stock outstanding.
SIGNATURE
Pursuant to the requirements
of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
EBET, INC. |
|
|
|
|
Date: August 21, 2023 |
|
|
By: /s/
Matthew
Lourie |
|
Matthew Lourie |
|
Chief Financial Officer |
v3.23.2
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Aug. 14, 2023 |
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Document Type |
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Document Period End Date |
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|
Entity File Number |
001-40334
|
Entity Registrant Name |
EBET, Inc.
|
Entity Central Index Key |
0001829966
|
Entity Tax Identification Number |
85-3201309
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
3960
Howard Hughes Parkway,
|
Entity Address, City or Town |
Las Vegas
|
Entity Address, State or Province |
NV
|
Entity Address, Postal Zip Code |
89169
|
City Area Code |
(888)
|
Local Phone Number |
411-2726
|
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Title of 12(b) Security |
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|
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EBET
|
Security Exchange Name |
NASDAQ
|
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