Allied Gaming & Entertainment Inc. (NASDAQ:AGAE) has regained compliance with the NASDAQ's minimum bid price requirement, according to a recent 8-K filing with the Securities and Exchange Commission.
The company, which operates within the amusement and recreation services sector, was previously notified by the NASDAQ Listing Qualifications Department of a deficiency due to its common stock closing bid price falling below the $1.00 minimum over a period of 30 consecutive business days.
The initial notice, which did not immediately affect Allied Gaming's listing, provided the company with a 180-day period, ending on November 11, 2024, to meet the bid price requirement. As of Monday, the company has successfully achieved compliance, with its stock price having met the minimum threshold required by NASDAQ Listing Rule 5550(a)(2).
This development follows a period of uncertainty for the New York-based company, which had been under pressure to boost its stock value or potentially face delisting from the NASDAQ Capital Market. The compliance letter from NASDAQ, received on July 11, 2024, has effectively resolved the issue, allowing Allied Gaming to continue trading on the exchange without the looming threat of delisting.
In other recent news, significant changes have been announced in the leadership structure of Allied Gaming & Entertainment, Inc. The company has appointed Ms. Chi Zhao as an independent director, Chair of the Nominating and Corporate Governance Committee, and member of the Compensation Committee. Concurrently, Mr. Adam Pliska and Ms. Yinghua Chen have resigned as directors, with Ms. Chen continuing as CEO and Mr. Yangyang Li assuming the role of President while retaining his position as Chairman of the Board.
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