Trident Acquisitions Receives Nasdaq Non-Compliance Notice

Trident Acquisitions (OTCMKTS:TDACU) recently disclosed in an 8-K filing that the company Lottery.com Inc. received a notice from the Listing Qualifications staff of the Nasdaq Stock Market LLC on October 28, 2024. The notice highlighted that based on the review of Lottery.com Inc.’s Market Value of Publicly Held Shares (MVPHS) for the previous 30 consecutive business days, the company no longer meets the minimum requirement of $5,000,000 as established in Nasdaq Listing Rule 5450(b)(1)(C).

Despite falling short of the stipulated threshold, Nasdaq has granted Lottery.com Inc. a 180-calendar day grace period, extending until April 28, 2025, to rectify the non-compliance. Should the company’s MVPHS reach $5,000,000 or more for at least ten consecutive business days within the compliance period, Nasdaq will issue written confirmation of compliance, effectively resolving the matter. However, failure to adhere to the rule before the end of the compliance period will prompt notification from Nasdaq indicating a potential delisting of Lottery.com Inc.’s securities.

Lottery.com Inc., classified as an emerging growth company as per Rule 405 of the Securities Act of 1933, noted the significance of this development in their SEC filing. The company is currently under the leadership of Chief Executive Officer Matthew McGahan.

This notification underscores the importance for Lottery.com Inc. to swiftly address the deficiency to ensure continued listing on the Nasdaq Stock Market. The coming months will be crucial for the company as it aims to meet and potentially surpass the required MVPHS threshold to comply with Nasdaq regulations. Investors will be closely monitoring the company’s actions to regain compliance within the specified timeframe.

This information was shared in a Form 8-K filing, emphasizing the regulatory and compliance aspects crucial for public companies like Trident Acquisitions operating in the financial markets.

The filing was submitted to the U.S. Securities and Exchange Commission in accordance with the disclosure requirements under the Securities Exchange Act of 1934.

The article was based on an official Form 8-K submission made by Trident Acquisitions to the SEC.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Trident Acquisitions’s 8K filing here.

Trident Acquisitions Company Profile

Trident Acquisitions Corp. is a blank check company, which engages in the provision of investment services. It involves in entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, and other similar business combination. The company was founded on March 17, 2016 and is headquartered in New York, NY.