Elys Game Technology shares were down 37%, to 26 cents, in afterhours trading after the interactive gaming and sports betting technology company said Nasdaq plans to suspend its shares as of the opening of business Tuesday and seeks to delist the stock.
The stock declined 19% during the regular session.
Elys, which has started the process of transferring the quotation of its stock to an over-the-counter market, hasn’t decided whether it will appeal the delisting decision. It noted the substantial costs of compliance, estimating that expenses related to maintaining its Nasdaq listing are about $1.6 million annually. Elys also notes that “delisting and cessation of trading on Nasdaq could have a material adverse effect” on the stock’s liquidity and trading price.
Elys previously mentioned it was out of compliance with Nasdaq’s $1 bid price requirement. In a Friday proxy filing, it said it was seeking stockholder approval for one or more reverse splits. The stock was last above $1 in February.