Lottery.com has received a notice from Nasdaq, warning that the company is at risk of being delisted from the market due to incompliance with Listing Rule 5605. The notice was received on 13 March as a result of Naila Chowdhry’s resignation from the Board of Directors of the company and the Audit Committee and Compensation Committee of the Board of Directors.
The Company had until 4 p.m. Eastern Time on March 2, 2023 to request an appeal of this determination, which appeal was timely requested. If the appeal is not granted, then, the Company’s common stock and warrants will be delisted from the Nasdaq Global Market and trading of the Company’s securities will be suspended, and a Form 25-NSE will be filed with the SEC which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market.
From Investing.com:
Read more here: https://in.investing.com/news/lotter...-432SI-3563115The Notice indicates that consistent with Listing Rule 5605(c)(4), Nasdaq is providing the Company a cure period to regain compliance as follows: (a) until the earlier of the Company’s next annual shareholders’ meeting or March 9, 2024; or (b) if the next annual shareholders’ meeting is held before September 5, 2023, then the Company must evidence compliance no later than September 5, 2023. In the event the Company does not regain compliance by this date, Nasdaq rules require the Staff of Nasdaq to provide written notification to the Company that its securities will be delisted. At that time, the Company may appeal the delisting determination to a Hearings Panel.