RegulatoryMay 27, 2026, 04:32 PM
Snail Receives Nasdaq Extension to Regain Listing Compliance by Sept 22
AI Summary
Snail, Inc. received a Nasdaq deficiency letter on March 26, 2026, for failing to meet the minimum net income requirement and alternative listing standards, having reported net losses in 2023 and 2025. The company submitted a compliance plan on May 11, 2026, which Nasdaq accepted, granting an extension until September 22, 2026, to regain compliance. Failure to meet the requirements by the deadline could lead to the delisting of its Class A Common Stock, though the stock continues to trade without immediate effect.
Key Highlights
- Snail received a Nasdaq deficiency letter on March 26, 2026, for non-compliance.
- Failed to meet the $500,000 net income requirement in two of the last three fiscal years.
- Did not meet alternative Nasdaq standards of $35M market value or $2.5M stockholders' equity.
- Submitted a compliance plan to Nasdaq on May 11, 2026.
- Nasdaq accepted the plan, granting an extension until September 22, 2026.
- Failure to evidence compliance by September 22, 2026, will subject stock to delisting.
- The compliance plan may include equity financing and/or debt conversion arrangements.
Price Impact
More from SNAL