ST. JULIAN'S, Malta - Esports Entertainment Group, Inc. (NASDAQ: GMBL), a prominent iGaming and esports content provider, has announced its decision to voluntarily delist from the Nasdaq Stock Market as part of its strategy to cut costs and focus on growth and profitability. The company's board has approved the delisting of its securities, including common stock and common warrants, and plans to transition to the OTCQB Venture Market.
The delisting comes as Esports Entertainment Group was not in compliance with Nasdaq's stockholders' equity requirement and was under a Nasdaq Panel Monitor. CEO Alex Igelman remarked that despite the company's solid assets and top-tier management, the cost of maintaining a Nasdaq listing was significant and not reflective of the company's intrinsic value.
The company expects to file a Form 25 with the Securities and Exchange Commission to formalize the delisting process. The transition to the OTCQB is seen as a temporary measure, with the possibility of relisting on a senior U.S. Exchange in the future once the company meets listing requirements.
Esports Entertainment Group is known for operating a leading esports venue management system deployed in over 1000 locations worldwide, including colleges and universities. It also provides B2C wagering through its MGA-licensed suite of brands and aims to capitalize on the burgeoning esports and esports wagering markets.
The information in this article is based on a press release statement from Esports Entertainment Group.
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