UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed in a Current Report on Form 8-K filed by Snail, Inc. (the “Company”) on June 28, 2024 with the U.S. Securities and Exchange Commission (the “SEC”), the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notified the Company on June 27, 2024 that the Company’s Class A common stock, par value $0.0001 per share (the “Class A common stock”), failed to maintain a minimum bid price of $1.00 per share (the “Minimum Bid Price Requirement”) pursuant to Nasdaq Listing Rule 5550(a)(2). In accordance with Nasdaq rules, the Company was provided an initial period of 180 calendar days, or until December 24, 2024 (the “Compliance Date”), to regain compliance with the Minimum Bid Price Requirement. The Staff informed the Company that if, at any time before the Compliance Date, the bid price for the Class A common stock closed at $1.00 per share or more for a minimum of ten (10) consecutive business days, the Staff would provide written notification to the Company that it complied with the Minimum Bid Price Requirement and the matter would be closed.
On October 18, 2024, Nasdaq notified the Company that the Staff determined that for the last ten (10) consecutive business days, from October 4, 2024, to October 17, 2024, the closing bid price of the Company’s 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 Listing Rule 5550(a)(2) and this matter is now closed.
Item 8.01. Other Events.
On October 21, 2024, the Company issued a press release announcing that it has regained compliance with the Nasdaq Minimum Bid Price Requirement, as discussed above in Item 3.01 of this Current Report on Form 8-K, a copy of which press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press Release, dated October 21, 2024, issued by Snail, Inc. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SNAIL, INC. | ||
| Date: October 21, 2024 | By: | /s/ Xuedong Tian |
| Name: | Xuedong Tian | |
| Title: | Co-Chief Executive Officer | |
Exhibit 99.1
Snail Games Regains Compliance
with Nasdaq Minimum Bid Price Requirement
CULVER CITY, Calif., October 21, 2024 (GLOBE NEWSWIRE) – 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.