NeoGames Receives Notice Regarding NASDAQ Continued Listing Standards
April 28 2023 - 8:00AM
NeoGames S.A. (Nasdaq: NGMS) (“NeoGames” or the “Company”), a
technology-driven provider of end-to-end iLottery and iGaming
solutions, announced today that it received a notice of deficiency
(the “Notice”) from the Nasdaq Stock Market (“Nasdaq”). The
non-compliance cited by Nasdaq in the Notice is the result of the
previously-announced departure of Ms. Lisbeth McNabb from her
position on the audit committee of the Company’s board of
directors. With the departure of Ms. Lisbeth McNabb, the Company is
currently not in compliance with Nasdaq Listing Rule 5605 requiring
three members on its audit committee.
The Notice indicates that, pursuant to Nasdaq Listing Rule
5605(c)(4), the Company is entitled to a cure period for the
Company to regain compliance (the “Cure Period”), which shall
extend no later than October 18, 2023
The Company is actively searching for an additional independent
director for its audit committee and expects to fill the current
vacancy and appoint a third independent director to the audit
committee of the Company’s board of directors as soon as possible
and within the Cure Period. The Notice has no immediate impact on
the listing of the Company’s ordinary shares, which will remain
listed and traded on Nasdaq during the Cure Period, subject to the
Company’s continued compliance with other Nasdaq listing
requirements.
About NeoGamesNeoGames is a technology-driven
innovator and a global leader of iLottery and iGaming solutions and
services for regulated lotteries and gaming operators. The Company
offers its customers a full-service suite of solutions, including
proprietary technology platforms, two dedicated game studios with
an extensive portfolio of engaging games – one in lottery and one
in casino games, and a range of value-added services. The recent
strategic acquisition of Aspire Global Group enables NeoGames to
offer the most comprehensive portfolio across iLottery, an
innovative sports betting platform from BtoBet, an advanced content
aggregation solution from Pariplay, and a complete set of B2B
Gaming tech and Managed Services. NeoGames remains an instrumental
partner to its customers worldwide, as it works to maximize their
revenue potential through various offerings, including regulation
and compliance, payment processing, risk management, player
relationship management, and player value optimization. NeoGames
strives to be the long-term partner of choice for its customers,
empowering them to deliver enjoyable and profitable programs to
their players, generate more revenue, and maximize proceeds to
governments and good causes.
Forward-looking statement:This press release
contains forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995 that relate to our
current expectations and views of future events. We intend such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act and Section 21E of the Exchange Act. All
statements contained in this press release other than statements of
historical fact, including, without limitation, statements
regarding the Company’s Intention and expected timeline to
fill the current vacancy and appoint a third independent director
to the audit committee of the Company’s board of directors as soon
as possible and within the Cure Period to cure the Nasdaq
deficiency and the continued trading of the Company’s ordinary
shares on Nasdaq, are forward-looking statements. The words
“believe,” “may,” “will,” “estimate,” “potential,” “continue,”
“anticipate,” “intend,” “expect,” “could,” “would,” “project,”
“plan,” “target,” and similar expressions are intended to identify
forward-looking statements, though not all forward-looking
statements use these words or expressions. These forward-looking
statements are subject to risks, uncertainties, and assumptions,
some of which are beyond our control. In addition, these
forward-looking statements reflect our current views with respect
to future events and are not a guarantee of future performance.
Actual outcomes may differ materially from the information
contained in the forward-looking statements as a result of a number
of factors including, without limitation the risk factors set forth
in Item 3.D. “Key Information-Risk Factors” in our annual report on
Form 20-F for the year ended December 31, 2022, to be filed with
the Securities and Exchange, and other documents filed with or
furnished to the SEC. These statements reflect management’s current
expectations regarding future events and speak only as of the date
of this press release. You should not put undue reliance on any
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee that future results, levels of
activity, performance and events and circumstances reflected in the
forward-looking statements will be achieved or will occur. Except
as required by applicable law, we undertake no obligation to update
or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise, after the
date on which the statements are made or to reflect the occurrence
of unanticipated events.
Contacts Investor
Contact: ir@neogames.comMedia
Relations: pr@neogames.com
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