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Allied Esports Entertainment, Inc. (NASDAQ:AESE) (the "Company" or "AESE"), a global esports entertainment company, today filed a Current Report on Form 8-K with the Securities and Exchange Commission (the "SEC") announcing the Company's receipt of a letter from the Listing Qualification Department of Nasdaq on May 19, 2022 notifying the Company that because the Company has not yet filed its Form 10-Q for the period ended March 31, 2022, and because the Company remains delinquent in filing its Form 10-K for the period ended December 31, 2021, the Company no longer complies with Nasdaq's Listing Rule 5250(c)(1), which rule requires companies with securities listed on Nasdaq to timely file all required periodic reports with the U.S. Securities and Exchange Commission. Pursuant to such notice, the Company will have until June 20, 2022 to submit a plan to Nasdaq to regain compliance. If the plan is accepted, Nasdaq can grant an exception of up to 180 days from the due date of the filing, or until October 12, 2022, to regain compliance.
In July 2021, the Company sold its World Poker Tour business (the "WPT") to a third party. The Company's auditors have requested the verification of certain information related to the operations of WPT prior to the sale as part of the preparation of the aforementioned Form 10-K, which the Company is coordinating with WPT to provide as expeditiously as possible.
As announced earlier today, the Company expects to file its Form 10-K for the period ending December 31, 2021 after the market close on Wednesday, May 25, 2022, and thereafter hold a conference call with investors at 2pm PT / 5pm ET that same day.
Posted In: AESE
