Inspired has provided an update to its investors after it received an expected notification letter from the Nasdaq over non-compliance due to not having timely filed its Form 10-K for last year.
The gaming firm revealed that it will report financial results for the fourth quarter and the 2023 on Monday, April 15, 2024, before the market opens.
The current update from Nasdaq doesn’t have any immediate effect on the listing of the Company’s common stock on Nasdaq.
Nasdaq, if it agrees to, can grant Inspired an exception of up to 180 calendar days from the filing’s due date, or until September 11, 2024, to regain compliance. However, if the firm fails to publish its accounts by this date, it may be delisted from the exchange.
In February, the group reported revenue growth in the third quarter of 2023 thanks to interactive and low margin gaming hardware sales.
Inspired declared a Q3 revenue of $97.5m, up 31 per cent year-over-year (Q3 2022: $74.2m), whilst net income for the quarter fell by 63 per cent YoY to $3.4m (Q3 2022: $9.2m, while adjusted EBITDA stood at $26.7m, down two per cent YoY (Q3 2022: $27.3m), with a margin of 27 per cent (Q3 2022: 37 per cent).
