Elys Game Technology
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 Company’s 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 Company’s 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 Nasdaq’s decision is warranted. The Company’s evaluation will take into account various factors, including the board’s 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 management’s 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 Nasdaq’s decision will be consistent with the Company’s 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 Company’s common stock will continue to trade under the symbol “ELYS”.
The transition to the OTC markets will not alter the Company’s 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.
Elys Game Technology, an interactive gaming and sports betting technology company, announced the expansion of its footprint in Washington, D.C. with the addition of a third sportsbook location, Grand Central Sportsbook on H Street. The new location builds on the success of both the Grand Central Restaurant and Sportsbook and the Cloakroom Gentlemen’s Club Over Under Sportsbook Lounge, which have been operating successfully in the nation’s capital.
Since the inaugural launch of the small business sportsbook at the Grand Central Restaurant and Sportsbook in October 2021, Elys has been actively seeking opportunities for program expansion. This proven model, which has achieved wide success in Europe, is steadily gaining momentum in the US. As the sports betting landscape evolves, and more states embrace the small business sportsbook concept, Elys is positioned to capitalize on the burgeoning market.
“The small business model presents a compelling opportunity as it offers customers convenient access to betting on their favorite sports while enjoying a night out at their local social establishment. We are buoyed by industry trends in the United States and believe that as more states adopt this model, we can rapidly expand our customer base with minimal upfront costs,” Michele Ciavarella, Executive Chairman of Elys Game Technology, said.
Grand Central Sportsbook on H Street, located at 625D H Street NE in Washington, D.C., is expected to open in Q4 2023. Commencement of sports wagering at Grand Central Sportsbook is subject to final approval by the DC Office of Lottery and Gaming (DCOLG).
Elys Game Technology, an interactive gaming and sports betting technology company, has announced a partnership with Bookmakers LLC to provide land-based sportsbook services within the Top Hat Sports Bar & Grill, located in Parkville, Maryland.
Under the agreement, Elys will receive a percentage of all sports betting revenue generated pending final regulatory approval of the Maryland Lottery and Gaming Control Commission.
“We are delighted to partner with Elys to provide sportsbook services within the Top Hat Sports Bar & Grill located in Parkville, Maryland. Elys’ experience in the market, ease of use for players and reporting for regulatory compliance is what drove Bookmakers to select and sign with Elys. We expect that their ‘Build-A-Bet’ feature will be especially attractive to our customers. We are excited about the prospect of offering yet another layer of entertainment to the customers of this already busy establishment. I am truly excited at the prospect of being part of this progressive program in the state of Maryland and appreciate the support of the Maryland Lottery and Gaming Control Commission in driving new revenue streams to support locally owned businesses,” Karen Senac, Owner of Bookmakers LLC, said.
“We are pleased to enter this partnership with Bookmakers, LLC to provide them with an end-to-end, best-in-class sportsbook solution for their customers. Top Hat Sports Bar & Grill, Parkville’s premier pool hall for over three decades, includes a sports bar and lounge area with multiple flat screen TVs for viewing your favorite sports, making it an ideal location to include our sportsbook solution for their customers. We look forward to working with Karen Senac and the Bookmakers team to fulfil their inaugural sportsbook goals,” Michele Ciavarella, Executive Chairman of Elys Game Technology, said.
“This partnership is a further example of both our growing traction within the state of Maryland, as well as the eagerness of local business operators to provide their customers with sports betting as an ancillary product in their establishments. The Maryland Lottery and Gaming Control Agency recently approved new rules for Maryland sports betting. This agreement follows a similar agreement in the state of Maryland with the Rod ‘N’ Reel Resort, which is one of just seven named ‘class B’ entities in the state of Maryland guaranteed a sportsbook license. Adding a sportsbook to a local business operator, such as the Top Hat Sports Bar & Grill, is expected to be a win-win for the establishment, as it could generate a new stream of revenue and provide an engaging product and service for their current guests, as well as potentially allowing establishments to build their businesses by drawing new customers interested in the sportsbook solution to their venues. We plan to continue to aggressively develop our sales pipeline with additional bars, restaurants and other retail establishments to implement our sportsbook solution throughout the nation,” Michele Ciavarella added.
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Elys Game Technology Corp, an interactive gaming and sports betting technology company, announced a partnership with Rod ‘N’ Reel Resort in Chesapeake Beach, MD to provide its land-based sportsbook services.
Under the agreement, for providing the sportsbook platform and services, Elys will receive a percentage of all sports betting revenue generated at the resort pending final regulatory approval.
The Maryland Lottery and Gaming Control Agency recently approved new rules for Maryland sports betting. Rod ‘N’ Reel Resort was one of just seven named ‘class B’ entities in the state of Maryland guaranteed a sportsbook license. Rod ‘N’ Reel Resort is currently undergoing a significant three-phase renovation project and expects to commence land-based sportsbook betting upon regulatory approval.
Mary Lanham, President of Rod ‘N’ Reel Resort, said: “Prior to selecting Elys as our sportsbook provider, we evaluated a number of potential solutions. Elys’ platform and team clearly stood out based on the ease of use and integration with our existing operations, their proven track record with major casinos, as well as their decades of experience in the regulated sportsbook market. We look forward to offering sports gaming as an amenity to the resort experience, establishing Rod ‘N’ Reel Resort as a premier destination for the local community and visitors along the Chesapeake Bay. We also appreciate the support of the Maryland Gaming Commission in granting us this license and believe this major initiative will support the local community by providing quality jobs and maintaining gaming revenue within the state.”
Michele Ciavarella, Executive Chairman of Elys Game Technology, said: “We are excited to enter this partnership with the Rod ‘N’ Reel Resort in Maryland, and to provide an end-to-end, first-in-class ‘Build-a-Bet’ sportsbook solution consistent with the amazing experience that Rod ‘N’ Reel Resort currently offers its guests, and we look forward to working with management to fulfil their inaugural sportsbook goals. This is yet another example of how we are executing on our North American expansion strategy, by providing a proven and unique retail sportsbook solution to a variety of business operators ranging from restaurants and sports bars to premier resorts around the country. We believe our unique auxiliary Build-a-Bet mobile platform is an industry first and a key tool for operators to attract and maintain their loyal customers.”
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