NeoGames receives non-compliance notice from Nasdaq regarding continued listing standards

April 28, 2023
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The notice of deficiency involves the departure of a Board of Directors audit committee member.

NeoGames has received a notice of deficiency from Nasdaq because of a citation for non-compliance. Nasdaq cited the company due to Lisbeth McNabb’s previously announced departure from the group’s audit committee and Board of Directors.

McNabb’s vacancy resulted in NeoGames’ lack of compliance with Nasdaq Listing Rule 5605. The rule requires that three members be present on the company’s audit committee.

In addition to the citation, the notice informed the company that it has the right to a “cure period,” which allows NeoGames time to come back into compliance per the Nasdaq Listing Rule. The extension will be in effect until no later than October 18, 2023.

NeoGames responded to the citation in an official statement by saying: “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.”

NeoGames is a technology-driven iGaming and iLottery solutions provider. The group acquired Aspire Global Group last June, which has enhanced the company’s iGaming portfolio.

To date, NeoGames has signed 12 deals through Pariplay to provide games and content aggregation. Among those partnership were agreements with BetMGM to launch in Michigan and New Jersey, as well as a deal with DraftKings.

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