Entertainment Games Asia Spaces Time for Nasdaq Compliance
Nasdaq-listed Entertainment Gaming Asia Inc has been granted a six-month extension to re-compliance with a minimum bid price of $1.0 per share as a listing requirement, it said in a statement. The new deadline is April 13, 2015.
The company said it plans to address the deficiencies “with reverse stock splits where necessary” during the second compliance grace period.
Entertainment Gaming Asia, affiliated with Hong Kong-listed casino investor Melco International Development Ltd, is a gaming company focused on emerging gaming markets in Asia.
Entertainment Gaming Asia changed its name from Elixir Gaming Technologies Inc in July 2010. It was listed on the New York Stock Exchange American Stock Exchange in April 2004 and transferred to the Nasdaq Capital Market in January 2013.
The company operates slot machines in a participatory manner and also supplies game chips and nameplates to casinos. It currently operates a property in Dreamworld Club Poipet (pictured) in the northwestern Cambodian state of Bantei Mian.
Entertainment Gaming Asia shares fell 10.3% to $0.52 on Friday.
According to a notice from Nasdaq Stock Markets LLC, the Company will regain compliance if the minimum closing price per share of the Company’s common stock closes above US$1.0 for 10 consecutive business days during the second six-month grace period.
However, if Entertainment Gaming Asia fails to regain compliance by the end of the period, its common stock could be delisted.
Entertainment Gaming Asia confirmed last week that it plans to issue subscriptions to a total of 27,777,673 common shares at $0.54 per share. It expects proceeds from the rights offering to shareholders to be around $15 million. 안전한 카지노사이트
“The Company will work to restore listing compliance and believes there are options to continue listing on Nasdaq,” it said in a statement. “Management and the board are evaluating these options to determine the optimal action.”