Form 8-K DOVER DOWNS GAMING & For: Jul 22

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): July 22, 2015

 

Dover Downs Gaming & Entertainment, Inc.

(Exact name of registrant as specified in its charter)

 

Commission File Number 1-16791

 

 

 

Registrant’s telephone number, including area code (302) 674-4600

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

 

 

 

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

 

On July 22, 2015, we were notified by the New York Stock Exchange (“NYSE”) that the average closing price of our common stock had fallen below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average share price for continued listing on the NYSE under the NYSE Listed Company Manual.

 

Under NYSE rules, we have six months following receipt of the notification, subject to possible extension, to regain compliance with the minimum share price requirement or be subject to delisting.  We can also regain compliance at any time during the six-month cure period if our common stock has a closing share price of at least $1.00 on the last trading day of any calendar month during the period and also has an average closing share price of at least $1.00 over the 30-trading day period ending on the last trading day of that month.

 

The notice has no immediate impact on the listing of our common stock, which will continue to trade on the NYSE under the symbol “DDE” but will be assigned a “.BC” indicator by the NYSE to signify that we are not currently in compliance with NYSE continued listing standards.

 

We have 10 business days to notify the NYSE of our intent to cure this deficiency.  We intend to so notify the NYSE on a timely basis.

 

We will monitor the price for our common stock and will consider available options to resolve the deficiency and regain compliance with the NYSE listing standards.

 

If our common stock ultimately were to be delisted for any reason, it could reduce the liquidity and market price of our common stock and negatively impact our ability to access the public capital markets.

 

As required under NYSE rules, we issued a press release on July 23, 2015, announcing that we had received the notice of noncompliance.  A copy of this press release is attached as Exhibit 99.1 to this Form 8-K.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

99.1                        Press Release dated July 23, 2015, issued by Dover Downs Gaming & Entertainment, Inc.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	Dover Downs Gaming & Entertainment, Inc.
	/s/ Denis McGlynn
	Denis McGlynn
	President and Chief Executive Officer
Dated: July 23, 2015

 

2

 

EXHIBIT INDEX

 

Exhibit
Number		Description
99.1		Press Release dated July 23, 2015, issued by Dover Downs Gaming & Entertainment, Inc.

 

3

EXHIBIT 99.1

 

 

FOR IMMEDIATE RELEASE		For further information, call:
		Timothy R. Horne - Sr. Vice President-Finance
Dover, Delaware, July 23, 2015		(302) 857-3292

 

Dover Downs Gaming & Entertainment, Inc. Notified by NYSE

of Non-Compliance with Continued Listing Standards

 

Dover Downs Gaming & Entertainment, Inc.(NYSE: DDE) was notified by the New York Stock Exchange (“NYSE”) on July 22, 2015 that the average closing price of our common stock had fallen below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average share price for continued listing on the NYSE under the NYSE Listed Company Manual.

 

Under NYSE rules, we have six months following receipt of the notification, subject to possible extension, to regain compliance with the minimum share price requirement or be subject to delisting.  We can also regain compliance at any time during the six-month cure period if our common stock has a closing share price of at least $1.00 on the last trading day of any calendar month during the period and also has an average closing share price of at least $1.00 over the 30-trading day period ending on the last trading day of that month.

 

The notice has no immediate impact on the listing of our common stock, which will continue to trade on the NYSE under the symbol “DDE” but will be assigned a “.BC” indicator by the NYSE to signify that we are not currently in compliance with NYSE continued listing standards.

 

We have 10 business days to notify the NYSE of our intent to cure this deficiency.  We intend to so notify the NYSE on a timely basis.

 

* * *

 

This release contains or may contain forward-looking statements based on management’s beliefs and assumptions.  Such statements are subject to various risks and uncertainties that could cause results to vary materially.  Please refer to the Company’s SEC filings for a discussion of such factors.

 

Owned by Dover Downs Gaming & Entertainment, Inc. (NYSE: DDE), Dover Downs Hotel & Casino® is a premier gaming and entertainment resort destination in the Mid-Atlantic region. Gaming operations consist of approximately 2,500 slots and a full complement of table games including poker.  The AAA-rated Four Diamond hotel is Delaware’s largest with 500 luxurious rooms/suites and amenities including a full-service spa/salon, concert hall and 41,500 sq. ft. of multi-use event space.  Live, world-class harness racing is featured November through April, and horse racing is simulcast year-round.  Professional football parlay betting is accepted during the season.  Additional property amenities include multiple restaurants from fine dining to casual fare, bars/lounges and retail shops.  For more information, please visit www.doverdowns.com.