NextPlay Technologies Receives Notice From Nasdaq Regarding Delayed Q2 Quarterly Report

SUNRISE, FL, Oct. 24, 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 October 18, 2023, from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) stating that because they have not received the Company’s quarterly report on Form 10-Q for the fiscal quarter ended August 31, 2023, the Company remains noncompliant with Nasdaq Listing Rule 5250(c)(1) (the “Rule”). The notification further provides the Company until November 2, 2023 to submit an update to the plan to regain compliance (the “Compliance Plan”) previously submitted to and accepted by Nasdaq, and states that any additional staff exception that may be provided to the Company to allow the Company to regain compliance with all delinquent filings will be limited to November 27, 2023.

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 Securities and Exchange Commission (the “Commission”). Additionally, the Company received another notification letter from Nasdaq on July 19, 2023 stating that, because the Company had not filed its Quarterly Report on Form 10-Q for the quarter ended May 31, 2023, and because the Company remained delinquent in filing the Form 10-K, the Company remained noncompliant with the Rule. The Company submitted the Compliance Plan to Nasdaq on August 4, 2023, in response to which Nasdaq provided the Company with an exception providing it until November 27, 2023 to file the delinquent 10-K and 10-Q.

The company has not yet filed its Annual Report on Form 10-K for the fiscal year ended February 28, 2023, the Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2023 or the Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2023. Nasdaq Listing Rule 5250(c)(1) requires listed companies to timely file all periodic reports 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.

If the Company submits an updated Compliance Plan by the November 2, 2023 deadline, and Nasdaq accepts the updated Compliance Plan, the Company may have until November 27, 2023 to file all delinquent filings and regain compliance. If the Company does not regain compliance within the allotted compliance period, 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).