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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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): October 10, 2023

 

Mobile Global Esports Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware    001-41458   86-2684455
(State or other jurisdiction    (Commission File Number)   IRS Employer
of incorporation or organization)       Identification No.)

 

500 Post Road East, 2nd Floor

Westport, CT 06880

(Address of principal executive offices)

 

Registrant’s telephone number, including area code: (475) 666-8401

 

(Former name or former address, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:    Trading Symbol(s)    Name of each exchange on which registered: 
Common Stock    MGAM    Nasdaq Capital Market 

 

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:

 

oWritten communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

oPre-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 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 o

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.  o

 

 

 

 

Item 8.01.    Other Events.

On April 11, 2023, Mobile Global Esports Inc. (the “Company”) received written notice (the “Notice”) from 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 was 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).

 

In accordance with the Nasdaq Listing Rule 5810(c)(3)(A), the Company had a period of 180 calendar days, or until October 9, 2023, to regain compliance with the minimum bid price requirement.

 

As of October 9, 2023, the Company has not regained compliance with the minimum bid price requirement. On October 10, 2023, Nasdaq notified the Company that it would have an additional 180 calendar days, or until April 8, 2024, to regain compliance.

 

The Company intends to actively monitor the closing bid price of its Common Stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price under the Nasdaq Listing Rules.

 

-1-

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated:         October 12, 2023

  

  MOBILE GLOBAL ESPORTS INC.
   
   
  By: /s/ David Pross
    David Pross
    Chief Executive Officer

 

 

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Entity File Number 001-41458
Entity Registrant Name Mobile Global Esports Inc.
Entity Central Index Key 0001886362
Entity Tax Identification Number 86-2684455
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 500 Post Road East
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