NeoGames, a leading provider of online gaming solutions, announced today that it has reobtained compliance status with the NASDAQ Stock Market.
The NASDAQ sent a non-compliance notice to NeoGames after the exit of its Audit Committee chair Lisbeth McNabb. She is also a member of the company’s Nominating and Corporate Governance and Compensation Committees. However, the company reobtained its compliance status.
McNabb exited the company abruptly. As a result, NeoGames became non-compliant with NASDAQ rules because it is missing three members of its Audit Committee. Also, NASDAQ deemed her exit inappropriate even if she left amicably and voluntarily.
The non-compliance notice did not have a huge impact on the company. According to Bwager sources, NeoGames has until October 18 to appoint a third committee member.
NeoGames promptly appointed Capp as its new CFO and an audit committee member, thereby regaining compliance with the NASDAQ listing rule. The company received a confirmation letter from NASDAQ on July 7, 2023, stating that the matter has been resolved and that NeoGames is in good standing with the stock exchange.
Compliance Status with NASDAQ
Capp has over 20 years of experience in the gaming industry. He served as CFO of Scientific Games, IGT, and Aristocrat. Also, he brings a wealth of expertise in financial management, strategic planning, mergers and acquisitions, and investor relations.
Neither does his appointment come out of the blue; NeoGames has been looking for ways to bolster its executive team for some time. Before Raviv Adler’s departure on July 31, 2023, the business hired Motti Gil as CFO.
The acquisition of NeoGames by Aristocrat for $1.20 billion coincides with the company’s return to compliance status. According to pay per head sportsbook reports, NeoGames’ current activities are planned to combine with those of one of Aristocrat’s subsidiaries.