SECURITIES AND EXCHANGE COMMISSION
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|Item 3.01.||Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.|
On June 6, 2022, Motorsport Games Inc., a Delaware corporation (the “Company”), received a deficiency letter from the Listing Qualifications Department (the “Staff”) of The NASDAQ Stock Market notifying the Company that, for the last 30 consecutive business days, the bid price for the Company’s Class A common stock had closed below the minimum $1.00 per share requirement for continued inclusion on The NASDAQ Capital Market pursuant to NASDAQ Listing Rule 5550(a)(2) (the “Rule”). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until December 5, 2022, to regain compliance with the Rule.
The Company’s Class A common stock will continue to be listed on the NASDAQ during the NASDAQ’s cure period. The Staff advised the Company that, if at any time before December 5, 2022 the bid price for the Company’s Class A common stock closes at $1.00 or more for a minimum of 10 consecutive business days as required under Listing Rule 5810(c)(3)(A), the Staff will provide written notification to the Company that it complies with the Rule and thereafter, absent other disqualifying events, the Company’s Class A common stock will continue to be listed on the NASDAQ.
If the Company does not regain compliance with the Rule by December 5, 2022, the Company may be eligible for an additional 180 calendar day compliance period, provided that it meets the continued listing requirement for the market value of publicly held shares and all other initial listing standards, with the exception of the bid price requirement, and notifies the Staff of its intention to cure the deficiency during the additional compliance period.
The Company intends to continue monitoring the bid price for its Class A common stock and will consider various options available to it if its Class A common stock does not trade at a level to regain compliance with the Rule. These options include effecting a reverse stock split designed to increase the bid price of the Company’s Class A common stock in an amount sufficient to regain compliance with the Rule, provided that there can be no assurances that a reverse stock split will be consummated or that it will achieve its intended effects.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Motorsport Games Inc.|
|Date: June 9, 2022||By:||/s/ Dmitry Kozko|
|Chief Executive Officer|