Engine Gaming & Media Confirms Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency

NEW YORK, NY / ACCESSWIRE / June 28, 2022 / Engine Gaming and Media, Inc. ("Engine" or the "Company") (NASDAQ:GAME)(TSXV:GAME), a data-driven, gaming, media and social influencer marketing solutions company, announced today that on June 23, 2022, it received a written notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is not in compliance with the minimum bid price requirement for continued listing, which requires listed securities to maintain a minimum bid price of US$1.00 per share ("Minimum Bid Requirement"). Based on the closing bid price of the Company's common shares for the last 30 consecutive business days, the Company has failed to meet the Minimum Bid Requirement set forth in Nasdaq Listing Rule 5550(a)(2) during that period. The Notice is only a notification of deficiency, it is not a notice of imminent delisting, and it has no current immediate effect on the listing or trading of the Company's common shares on The Nasdaq Capital Market.

Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a period of 180 calendar days from the date of the Notice, or December 20, 2022, to regain compliance with the Minimum Bid Requirement, during which time the common shares will continue to trade on The Nasdaq Capital Market under the symbol "GAME." If at any time before December 20, 2022, the bid price of the common shares closes at or above US$1.00 per share for a minimum of 10 consecutive business days, the Company will regain compliance with the Minimum Bid Requirement. If the Company does not regain compliance with the Minimum Bid Requirement after the initial 180-day period, the Company may be eligible for an additional period of 180 calendar days to regain compliance, if it meets the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the minimum bid price requirement. In this case, the Company will need to provide written notice of its intention to cure the deficiency during the second compliance period.

One potential solution for the Company to meet the Minimum Bid Requirement is for the Company to conduct a reverse stock split. If the Company cannot demonstrate compliance by the allotted compliance period(s), Nasdaq's staff will notify the Company that its common shares are subject to delisting. The Company's common shares are also listed on the TSXV Exchange and the Notice does not affect the Company's compliance status with such listing.