Snail Games Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Snail Games (Nasdaq: SNAL), a global independent developer and publisher of interactive digital entertainment, has regained compliance with Nasdaq's minimum bid price requirement. The company received written notice from Nasdaq's Listing Qualifications Department confirming that it has met the necessary criteria for continued listing on The Nasdaq Capital Market.

To regain compliance, Snail Games was required to maintain a minimum closing bid price of $1.00 per share for its Class A common stock for at least ten consecutive business days. Nasdaq notified the company that it had achieved this requirement from October 4 to October 17, 2024. As a result, Snail Games has successfully resolved this compliance issue, and the matter is now closed.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement
• Maintained closing bid price of $1.00 or higher for 10 consecutive business days
• Retained listing on The Nasdaq Capital Market

Negative

• None.

News Market Reaction

+8.29%

1 alert

+8.29% News Effect

On the day this news was published, SNAL gained 8.29%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

CULVER CITY, Calif., Oct. 21, 2024 /PRNewswire/ -- Snail, Inc. (Nasdaq: SNAL) ("Snail Games" or the "Company"), a leading global independent developer and publisher of interactive digital entertainment, announced today that the Company received written notice from the staff of the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") informing the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. To regain compliance with Nasdaq Listing Rule 5550(a)(2), the Company was required to maintain a minimum closing bid price for its Class A common stock of $1.00 per share or more for at least ten (10) consecutive business days.

On October 18, 2024, Nasdaq notified the Company that for ten (10) consecutive business days, from October 4, 2024, to October 17, 2024, the closing bid price of the Class A common stock has been at $1.00 per share or greater. Accordingly, the Staff informed the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) and this matter is now closed.

About Snail, Inc. https://snail.com/

Snail Games is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Contacts:

Investors:
investors@snail.com 

Press:
media@snail.com 

View original content:https://www.prnewswire.com/news-releases/snail-games-regains-compliance-with-nasdaq-minimum-bid-price-requirement-302281041.html

SOURCE Snail, Inc.

FAQ

What was the minimum bid price requirement Snail Games (SNAL) had to meet for Nasdaq compliance?

Snail Games (SNAL) had to maintain a minimum closing bid price of $1.00 per share for its Class A common stock for at least ten consecutive business days to regain compliance with Nasdaq's listing requirements.

When did Snail Games (SNAL) regain compliance with Nasdaq's minimum bid price requirement?

Snail Games (SNAL) regained compliance with Nasdaq's minimum bid price requirement during the period from October 4 to October 17, 2024, when it maintained a closing bid price of $1.00 or higher for ten consecutive business days.

What was the outcome of Snail Games (SNAL) regaining Nasdaq compliance?

As a result of regaining compliance, Snail Games (SNAL) has resolved the minimum bid price issue and will continue to be listed on The Nasdaq Capital Market. Nasdaq informed the company that the matter is now closed.