Sports Entertainment Gaming Global Gets Nasdaq Delisting Notice Over Late 10-Q

What happened

Sports Entertainment Gaming Global Corporation, a Delaware company listed on Nasdaq under the ticker SEGG for its common stock and LTRYW for its warrants, said it received a letter on October 14, 2026 from Nasdaq's Listing Qualifications Department. The letter, which the company calls the Staff Determination, states that the company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because it has not filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Rule 5250(c)(1) requires listed companies to file all required periodic reports with the SEC on time. According to the 8-K, the company had already been notified on April 17, May 21 and August 20, 2026 that it was late on its Annual Report on Form 10-K for 2025 and its Forms 10-Q for the quarters ended March 31 and June 30, 2026. It filed the 10-K on July 10, 2026 and the March 31 10-Q on October 8, 2026. The June 30 10-Q is the only delinquent report Nasdaq cited in the Staff Determination.

The filing states that unless the company requested a hearing before a Nasdaq Hearings Panel by 4:00 p.m. Eastern on October 21, 2026, trading in its common stock and warrants would be suspended at the opening of business on October 23, 2026, and Nasdaq would file a Form 25-NSE to remove the securities from listing and registration. The company said it has requested a hearing.

The company and its securities

Sports Entertainment Gaming Global is identified in the SEC filing's header as a services-prepackaged software company based in Fort Worth, Texas. The filing does not describe its business in detail.

Its common stock trades under SEGG and its warrants under LTRYW. The filing describes the warrants as exercisable for one share of common stock at an exercise price of $16,100. Warrants are contracts that give the holder the right, but not the obligation, to buy shares at a set price before they expire; the very high exercise price shown here means the warrants are far out of the money relative to any typical share price.

What the company says comes next

The company said a hearing request stays a suspension for 15 days from the date of the request. It will ask the Panel to extend that stay through the hearing and the Panel's written decision. Under the filing, the Panel will rule on the extended stay no later than 15 calendar days after the deadline to request a hearing, and hearings are typically scheduled about 30 to 45 days after a request.

At the hearing the company intends to present a plan to regain compliance and ask for an exception, which the filing says the Panel may grant for up to 180 days from the date of the Staff Determination. The company said it expects to file the June 30 10-Q as soon as practical, subject to its independent registered public accounting firm's review, but it stated there can be no assurance that it will file by that date, that the Panel will grant an extended stay or exception, or that it will regain compliance.

What this means

A Form 8-K is a current report that public companies file with the SEC to disclose material events between their regular quarterly and annual reports. Item 3.01 is the specific item for a notice of delisting or a failure to satisfy a continued listing rule, which is what triggered this filing.

Nasdaq Listing Rule 5250(c)(1) is a maintenance standard: once a company is listed, it must keep filing its annual and quarterly reports on time. Missing a filing does not by itself end a listing. The exchange's staff sends a deficiency letter, sets a deadline to regain compliance, and, if the deadline passes, issues a Staff Determination like the one described here.

A Form 25-NSE is the form Nasdaq files with the SEC to strike a security from its exchange listing and registration. In this case it has not been filed; the Staff Determination says Nasdaq would file it only if trading is suspended, which the company's hearing request has put on hold for now. That is different from a Form 25 covering debt securities approaching maturity, which is routine housekeeping.

The Nasdaq Hearings Panel is an independent body within Nasdaq that reviews staff decisions. A hearing request delays a suspension while the Panel considers the case, and the Panel can grant an exception of up to 180 days from the Staff Determination. The company's next concrete milestones, per the filing, are the Panel's decision on an extended stay within 15 days of the October 21 request deadline and a hearing likely about 30 to 45 days out. The filing does not explain why the June 30 10-Q was late; it attributes the delay to completion of the auditor's review without giving a cause.