Alliance MMA, Inc. to Remain Listed on Nasdaq Panel – Decision subject to Alliance meeting Specified Conditions
Alliance MMA has seen its “share” of ups and downs ever since their public offering kicked off little more than two years ago. The publicly traded mixed martial arts firm released all but one of the MMA promotions that it acquired and has seen a handful of leadership changes in the course of their 25-month existence. Aside from a major drop in stock price and lawsuits, Alliance MMA also faced the possibility of losing their ‘stock’ status.
It seems however, for now, that Alliance MMA will be allowed to continue conducting business through the Securities and Exchange Commission.
Alliance MMA, Inc. (NASDAQ: AMMA) announced that on November 9, 2018, The Nasdaq Stock Market LLC (“NASDAQ”) notified Alliance MMA that the NASDAQ Hearings Panel (the “Panel”) granted the Company’s request for continued listing on The NASDAQ Capital Market, subject to the Company’s satisfaction of certain conditions, including interim funding milestones.
“I am very pleased that the Nasdaq Hearings Panel responded favorably to our plan to acquire SCWorx, a big data company offering a suite of data solutions via a SaaS model to hospitals said John Price, President and CFO. Mr. Price continued, “the Company will continue to execute on its plan to demonstrate that the combined company will meet all applicable requirements for initial listing on The Nasdaq Capital Market.”
In accordance with the NASDAQ’s decision, subject to compliance with the interim funding milestones, the Company has until February 25, 2019 to complete its acquisition of SCWorx and demonstrate that the combined company satisfies the requirements for initial listing on The Nasdaq Capital Market. Although the Company is endeavoring to satisfy the interim funding milestones and other conditions of the Panel’s decision, there is no assurance that the Company will be able to do so. If the Company is unable to fully comply with the terms of the Panel’s decision, the company’s common stock could be delisted from The NASDAQ Capital Market which would have a material adverse effect on the company’s business and on the trading of its common stock.
Alliance MMA, Inc. was incorporated in 2015 for the purpose of acquiring businesses that engage in the promotion of mixed martial arts events. In 2016, the company completed an initial public offering that culminated in a listing on the NASDAQ stock exchange. Alliance MMA is currently the only mixed martial arts promotion company that is publicly-traded. It was the first of its kind to do so since the International Fight League in 2006.
