Mobile Global Esports announced that it has received a notification letter from the NASDAQ Stock Market LLC dated December 22, notifying the Company that it is not in compliance with the minimum bid price requirement as set forth under NASDAQ Listing Rule 5550(a)(2) for continued listing on the NASDAQ. NASDAQ Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 31 consecutive business days. Based on the closing bid price of the Company’s ordinary shares for the 31 consecutive business days from November 8, 2022 to December 21, 2022, the Company did not meet the minimum bid price requirement.
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