Online betting group Lottery.com has announced that it has regained its compliant status with the Nasdaq stock listing exchange after falling short of the rules last year.
The company was found to have violated Nasdaq Listing Rule 5450(a)(1), which states that a company's share price cannot fall below $1.00 over the previous 30 consecutive business days. Lottery.com also was found to have violated Listing Rule 5250(c), which requires companies to file accounts by certain deadlines.
Lottery.com said that they've taken action over the past several months to bring it back into compliance. These steps included a reverse stock split as well as filing annual reports required. These steps were met by confirmation from Nasdaq authorities, who sent a letter to the company. As of press time, Lottery.com's stock sat at $3.72 per share.
Lottery.com has been embroiled in a number of issues lately, with company CEO Mark Gustavson resigning after taking the job in February. Additionally, the company has recently added new executives and has been fighting a class-action lawsuit due to financial reporting issues.
Casino Listings News is following this company's trek through rough waters and will update readers as appropriate.