Industry News
Elys Game Technology Announces Decision of Nasdaq Hearings Panel to Delist Common Shares
Elys Game Technology, an interactive gaming and sports betting technology company, announced that on October 13, the Company received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq) notifying the Company that trading of its common shares will be suspended as of the opening of business on October 17, 2023.
The Companyâs common stock did not maintain a minimum closing bid price of $1.00 (Minimum Bid Price Requirement) per share as required by Nasdaq Listing Rule 5550(a)(2). Accordingly, the Nasdaq Hearings Panel has determined to delist the Companyâs shares from Nasdaq. Nasdaq will complete the delisting by filing a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission (SEC), following the expiration of relevant appeal periods.
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 Nasdaqâs decision is warranted. The Companyâs evaluation will take into account various factors, including the boardâs assessment of the likelihood of the Company regaining and maintaining compliance with the continued listing requirements, through a reverse stock split. Additionally, the evaluation will encompass an analysis of the benefits of continuing to list on Nasdaq compared to the substantial costs, including the extensive commitment of managementâs time and resources for complying with various listing requirements.
The Company estimates that its expenses related to maintaining its Nasdaq listing are approximately $1.6 million annually. These expenses are expected to rise significantly in the coming years due to the compliance requirements of the Sarbanes-Oxley Act (SOX) and ESG initiatives, among others. In anticipation of realizing substantial cost savings, the Company sees opportunities to streamline operations through delisting and deregistration. These benefits include lower operating costs, reduced management time commitment to compliance and reporting activities, and a simplified corporate governance structure. The decision to appeal Nasdaqâs decision will be consistent with the Companyâs previously announced cost-saving measures. The Company acknowledged that the delisting and cessation of trading on Nasdaq could have a material adverse effect on the liquidity and trading price of its common shares.
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 Companyâs common stock will continue to trade under the symbol âELYSâ.
The transition to the OTC markets will not alter the Companyâs commitment to continue operating as usual. The Company will remain subject to the public reporting requirements of the SEC post-transfer. The Company intends to continue providing information to its stockholders and taking actions within its control to facilitate the quoting of its common stock on the Pink Sheets or another OTC market, thereby ensuring the existence of a trading market for its common stock. However, there is no guarantee that a broker will continue to make a market in the common stock or that trading of the common stock will continue on an OTC market or elsewhere.
Industry News
Bragg Gaming Group First Quarter Revenue Rises 4.2% to EUR 23.8 Million
Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record financial results for the first quarter of 2024.
MatevĆŸ Mazij, Chief Executive Officer for Bragg, commented: âWe carried our strong momentum in 2023 into the first quarter, delivering robust growth that underscores the ongoing success of our efforts to transform Bragg into a content-focused iGaming solutions provider across expanding North American and European markets. Year-over-year revenue increased by 4.2% to EUR 23.8 million, largely propelled by organic growth from our current client base, the addition of new customers in multiple jurisdictions, and impressive results from our in-house Wild Streak Gaming casino games studio.
âAlthough gross profit and Adjusted EBITDA saw modest decreases in the first quarter stemming from the extension and renegotiation of our agreement with Entain Plc to provide our PAM platform to BetCity.nl through 2025, we maintain a strong belief in our ability to achieve long-term growth and profitability. Our proprietary and exclusive third-party content continues to gain ground with an increasing number of top-tier operators globally, and we introduced a total of 19 new exclusive titles worldwide in the first quarter of 2024.
âAdditionally, as we continue to make encouraging progress on our strategic alternatives review process, itâs important to emphasize that we are operating the business as usual and remain laser-focused on capitalizing on growth opportunities.
âWith that in mind and in response to the increasing demand and growth in the iGaming marketplace, subsequent to quarter end, we took two significant steps to further fuel our growth initiatives. First, we secured a USD 7.0 million investment through a promissory note, enhancing our balance sheet flexibility as we continue to execute our strategy and explore strategic alternatives to maximize shareholder value.
âSecond, we bolstered our leadership team with the appointment of Neill Whyte as our new Chief Commercial Officer. With over 18 years of iGaming experience and a proven track record of driving growth through successful commercial partnerships, Neillâs expertise will be invaluable as we leverage our extensive content and product portfolio to expand in existing and new markets. This key hire is another testament to how we are scaling our organization for sustained growth and profitability.
âWhile the strategic review process progresses, we remain bullish on the opportunities ahead as the trend of iGaming regulation continues worldwide. We see exciting potential in newly regulating markets like Brazil, Peru and Finland, as well as untapped opportunities in regions like Africa that we are actively exploring.
âThe strategic moves we have made have established Bragg as a vital content provider for premier international iGaming operators, reinforcing our base for reliable and lucrative growth. Equipped with the appropriate strategies, financial resources, and talent, we are well-prepared to maintain our business momentum while pursuing initiatives that foster cash flow growth and deliver increased value to our shareholders.â
Industry News
Scientific Games Announces Mike Cardell as Senior Vice President, Americas Systems
Scientific Games announces the appointment of Mike Cardell as the companyâs Senior Vice President of Americas Systems. As the industryâs fastest-growing lottery systems supplier globally, Cardellâs appointment is another example of the companyâs continued investments in people and products to innovate for its customers.
Mike Cardell.jpgCardell is an accomplished business technology leader with more than 17 years of experience and a proven track record in innovating technology-based products and services, including enterprise and consumer-facing applications, transaction processing platforms, large-scale IT conversions, strategic growth and impactful results.
He will lead all aspects of the companyâs Americas lottery system business, driving incremental revenue and expanding product offerings while nurturing existing client relationships to grow lottery profits responsibly. Cardell will also be executing product and business development strategies as well as overseeing central and regional operations, service and contract management.
John Schulz, President, Americas & Global Instant Products, said, âWith a keen understanding of developing strategies for sustainable growth, Mike will be instrumental in growing our systems business and ensuring innovation and operational excellence in our existing system operations. His strategic mindset and leadership experience make him a valuable addition to Scientific Games. We are excited to welcome him to our team.â
Before joining Scientific Games, Cardell spent more than 11 years at Fiserv where he most recently served as the global fintech and payments companyâs Vice President and General Manager of Next Gen Solutions: Signature and Cloud Solutions. In this role, he managed the modernization of legacy enterprise account processing software solutions and cloud transformation solutions for large financial institutions and financial technology companies. He also spent five years managing business development and marketing for Hewlett-Packard.
Cardell holds a B.A. in Public Relations from Texas Tech University.
Scientific Games is a trusted partner to 150 lotteries in 50 countries around the globe, providing games, technologies, analytics and services that responsibly drive maximum returns to their beneficiary programs.
Industry News
Navajo Gaming Honors 186 Team Members for Employee Milestones
This month The Navajo Nation Gaming Enterprise (Navajo Gaming) honored 186 of its total 1200 team members for reaching significant employment milestones including 15, 10, and 5 years of service for the enterprise. The event at Twin Arrows Navajo Casino Resort in Flagstaff, Ariz. showcased the impact and journey of each hard-working team member, with a special highlight for 29 employees who have served for 15 years.
Less than 10 years after Navajo Gaming was created by the Navajo Nation and charged with the mission of creating jobs, increasing revenues, and stimulating incremental economic development within the Navajo Nation, the gaming enterprise created over 7425 direct, indirect and induced jobs with an overall economic output of over a billion dollars.
âNavajo Gaming employs 1200 people, 85 percent of whom are Navajo citizens. The award-winning AAAâs coveted Four Diamond Twin Arrows Casino Resort shares Navajo Culture through architectural nuances and local artists. Each of the property dining eateries feature âNavajo Beef,â and traditional cuisine of the Navajo people, and our invitation to stay, play and relax at one of our four properties or Travel Center is an open welcome to the Navajo Nationâs beautiful scenic transformation,â Matthew Shunkamolah, Interim Chief Executive Officer of Navajo Gaming, said.
Team members recognized for 15 years of services have worked their way up to a wide variety of position within the enterprise from General Manager and Executive Director of Slots, to Director of Security, Food and Beverage Supervisor and Executive Director of Government Affairs.
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