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MINNEAPOLIS - SharpLink Gaming, Inc. (NASDAQ:SBET), a performance-based online marketing firm for the sports betting and iGaming industries, has been granted additional time by the Nasdaq Listing Qualifications Panel to meet the exchange’s minimum bid price and stockholders’ equity requirements. The company now has until May 23, 2025, to demonstrate compliance with the Nasdaq’s minimum bid price of $1.00 per share and maintain a minimum stockholders’ equity of $2.5 million. Currently trading at $0.30, the stock has experienced a significant decline of 79% over the past year, according to InvestingPro data, which also indicates the stock is trading near its 52-week low of $0.28.
The decision follows a hearing held on February 25, 2025, where SharpLink presented its plan to regain compliance. The Panel’s ruling allows the company’s common stock to remain listed and tradeable on the Nasdaq while it undertakes efforts to meet the listing criteria. By the May deadline, SharpLink is also required to file a public disclosure detailing any equity-increasing transactions and provide updated income projections for the following 12 months. InvestingPro analysis shows the company maintains a strong liquidity position with a current ratio of 5.23, though revenue has declined by 26% in the last twelve months.
Rob Phythian, Chairman and CEO of SharpLink, expressed satisfaction with the Panel’s decision, committing to execute initiatives necessary for compliance. He emphasized the company’s intention to work tirelessly towards meeting the Nasdaq’s requirements.
SharpLink, headquartered in Minneapolis, is known for its affiliate marketing network, PAS.net, which has garnered recognition within the European online gambling industry. The company also operates a series of direct-to-player, state-specific affiliate marketing websites aimed at driving local sports betting and online casino gaming traffic to its partner operators licensed in each state.
This news is based on a press release statement from SharpLink Gaming, Inc., and does not include any promotional content or subjective assessment. The information provided does not endorse the company’s claims or imply the significance of its future prospects.
In other recent news, SharpLink Gaming, Inc. held its reconvened 2024 Annual Meeting of Stockholders, where several key proposals were successfully approved. Shareholders voted in favor of the election of directors, with Rob Phythian, Obie McKenzie, Robert Gutkowski, and Leslie Bernhard receiving between 97.60% and 98.21% approval. A significant majority also approved a proposal for a reverse stock-split by a ratio of up to 6:1, which will be executed at the board’s discretion. Additionally, the appointment of Cherry Bekaert, LLP as the independent registered public accountant for the fiscal year ending December 31, 2024, was ratified. A non-binding vote to approve compensation for named executive officers passed with a majority. These developments indicate shareholder confidence in SharpLink Gaming’s current board and management. The company’s recent actions are aimed at enhancing its market position.
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