NextPlay Technologies Receives Notice from Nasdaq Regarding Delayed Annual Report

SUNRISE, FL, June 09, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- NextPlay Technologies, Inc. (NASDAQ: NXTP) (the “Company”), a digital native ecosystem for finance, digital advertisers, and video gamers, announced that the Company received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) stating the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1), as a result of not having timely filed its Annual Report on Form 10-K for the fiscal year ended February 28, 2023.

The Nasdaq notification letter has no immediate effect on the listing of the Company’s common stock on The Nasdaq Capital Market. The Nasdaq notification letter provides the Company 60 calendar days from the date of the notification, or until August 7, 2023, to submit a plan to Nasdaq to regain compliance with Nasdaq Listing Rule 5250(c)(1). If the plan is accepted, Nasdaq may grant an exception of up to 180 calendar days, or until November 27, 2023, for the Company to regain compliance.  If the Company does not regain compliance within the allotted compliance period, including any exception period that may be granted by Nasdaq after submission of a plan to regain compliance, if applicable, Nasdaq will provide notice that the Company’s common stock will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel under Nasdaq Listing Rule 5815(a).

There can be no assurance that the Company will regain compliance with Nasdaq Listing Rule 5250(c)(1), secure an exception of 180 calendar days from the Annual Report on Form 10-K’s due date to regain compliance, or maintain compliance with other Nasdaq listing requirements.

This announcement is made in compliance with Nasdaq Listing Rule 5250(b)(2).

About NextPlay Technologies

NextPlay Technologies, Inc. (Nasdaq: NXTP) is a technology solutions company offering games, in-game advertising, digital banking, and crypto-banking services to consumers and corporations within a growing worldwide digital ecosystem. NextPlay’s engaging products and services utilize innovative AdTech, Artificial Intelligence and Fintech solutions to leverage the strengths and channels of its existing and acquired technologies.