Newgioco Receives Notification from Nasdaq Regarding Delayed Quarterly Report on Form 10-Q

Newgioco Group, Inc. (“Newgioco” or the “Company”) (Nasdaq: NWGI), a global sports betting and interactive gaming technology company providing fully integrated, omni-channel sports betting software solutions, announced that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") on July 2, 2020, indicating that, as a result of the Company’s delay in filing its Quarterly Report on Form 10-Q for the three months ended March 31, 2020 (the “Quarterly Report”), the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). The notification letter has no immediate effect on the listing or trading on the Company’s common stock on the Nasdaq Market.

The Company filed an 8-K on March 12, 2020, stating that as result of the global outbreak of the COVID-19 virus, the Italian government imposed restrictions on travel throughout Italy as well as transborder crossings, that substantially limited the Company’s efforts to meet its filing deadlines because certain Company officers and management as well as professional staff of its independent public accounting firm were unable to travel to Italy. On March 25, 2020, the Securities and Exchange Commission provided extended conditional exemptions from reporting requirements for public companies affected by Covid-19. Thereafter, the Company filed an 8-K on May 13, 2020, stating that the Company would avail itself of the 45-day extension to file its Quarterly Report, that was originally due on Friday, May 15, 2020.

“Newgioco was particularly impacted due to the sudden and unforeseen lockdown of both commercial businesses and travel restrictions in Europe that affected not only our operations but also our ability to carry out corporate responsibilities on a timely basis,” stated Michele Ciavarella, CEO of Newgioco Group, Inc. “Since partial relief to reopen commenced in Italy on May 4, 2020, our management team and auditors have worked diligently towards completing both our Annual Report for the year ended December 31, 2019, which we filed on July 2, 2020 and our Quarterly Report for the three months ended March 31, 2020, which we expect to file as soon as practicable to regain compliance.”