Elys Game Technology receives delisting notice from Nasdaq

According to a regulatory filing, on October 13, 2023, Elys Game Technology, Corp. received a letter from the Nasdaq Stock Market formally notifying the company that the Nasdaq Hearings Panel has determined to delist company’s common stock from the Nasdaq Capital Market and would suspend trading of company’s common stock on the Nasdaq Capital Market, effective at the open of business on October 17, 2023. The Panel made this determination due to the company’s failure to achieve certain milestones under its plan of compliance, as presented to the Panel on August 1, 2023. The Delisting Letter provides that the company may request the Nasdaq Listing and Hearing Review Council to review the delisting decision within 15 days from the date of the Delisting Letter. The company is currently carefully evaluating whether such an appeal of Nasdaq’s decision is warranted. The company’s evaluation will take into account various factors, including the board of directors’ assessment of the likelihood of the company regaining and maintaining compliance with Nasdaq listing requirements. Additionally, the evaluation will encompass an analysis of the benefits of continuing to be listed on Nasdaq compared to the substantial costs, including the extensive commitment of management’s time and resources for complying with various listing requirements. The company has initiated the process of transferring the quotation of its common stock to one of the over-the-counter markets operated by OTC Markets Group Inc. The shares of the company’s common stock are expected to begin trading on October 17, 2023 and under the symbol “ELYS.”