NextPlay Technologies Receives Notice from Nasdaq Regarding Delayed Quarterly Report

SUNRISE, FL, July 21, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – NextPlay Technologies, Inc. (NASDAQ: NXTP) (the “Company”), a digital native ecosystem for finance, digital advertisers, and video gamers, announced today that the Company received a notification letter, on July 19, 2023, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) stating the Company remains noncompliant with Nasdaq Listing Rule 5250(c)(1), as a result of not having timely filed its Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2023. Additionally, the company has not yet filed its Annual Report on Form 10-K for the fiscal year ended February 28, 2023. Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all periodic reports with the Securities and Exchange Commission (the “Commission”).

As previously disclosed, the Company received a notification letter from Nasdaq on June 9, 2023 due to its failure to timely file its Annual Report on Form 10-K for the fiscal year ended February 28, 2023 with the Commission.

The Nasdaq notification letters have no immediate effect on the listing of the Company’s common stock on The Nasdaq Capital Market.

The Nasdaq notification letters provide that the Company has until August 7, 2023, to either file with delinquent Annual and Quarterly Reports with the Commission or submit a plan to Nasdaq to regain compliance with Nasdaq Listing Rule 5250(c)(1). If Nasdaq accepts the plan, Nasdaq may grant an exception of up to 180 calendar days from the Annual Report’s due date, 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).

The Company currently intends to submit a plan by August 7, 2023, the deadline, to Nasdaq that outlines, as definitively as possible, the steps the Company will take to promptly file the delinquent Annual and Quarterly Reports and regain compliance with Nasdaq Listing Rule 5250(c)(1).

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’s due date to regain compliance, or maintain compliance with other Nasdaq listing requirements.