Form 8-K - Current report
21 Octobre 2024 - 10:00PM
Edgar (US Regulatory)
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): October 18, 2024
Snail,
Inc.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-41556 |
|
88-4146991 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
Number) |
12049
Jefferson Blvd
Culver
City, CA 90230
(Address
of principal executive offices) (Zip Code)
+1
(310) 988-0643
(Registrant’s
telephone number, including area code)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which
registered |
| Class
A Common Stock, $0.0001 par value per share |
|
SNAL |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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.
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.
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