DraftDay Fantasy Sports Inc. (NASDAQ:DDAY) is running out of time to save itself from NASDAQ delisting. In a press release issued today, the company announced that the Nasdaq Listing Qualifications Panel has responded to its appeal for delisting submitted on Feb 23, 2016. The Panel has granted the Company’s request for the continued listing of its common stock on The NASDAQ Capital Market (“Nasdaq”). However, there are some terms and conditions. By August 22nd, the company needs to provide evidence for minimum $2.5 million market value of its listed securities. Further, the company also remains subject to the 180-day period within which to evidence compliance with the minimum $1.00 bid price requirement, which does not expire until May 18, 2016.
The company has already initiated its efforts to meet the criterion. It appears that there are some promotional activates going on leading to uptick in the pps and larger trading volume. The financial numbers for DDAY don’t look that impressive. For Q2, 2016, revenues stood at USD 1.78 million with net earnings of USD -39.05 million with no no significant movement in accruals or reserves. Further, a narrowing of operating margins contributed to decline in earnings.
DraftDay Fantasy Sports, Inc. is mobile and web-based entertainment marketing company, which uses incentives to make content consumption and discovery more rewarding for media companies, brands and consumers towards various forms of media consumption with television enhancement, music discovery, and entertainment content publishing and distributed viewing reminders. Currently, DDAY is trading at 36 cents and so far more than 370K shares have exchanged hands today. Will DDAY hit the 1$ mark ? or will it perish ? We will be updating our subscribers as soon as we know more. For continuing coverage on DDAY, sign up for our free newsletter today and get our next hot stock pick!