Monaker Group, Inc. (OTCMKTS:MKGI) Files An 8-K Other Events
Item 8.01
As previously reported by Monaker Group, Inc. (the “Company”, “we” and “us”) on: (a) March 5, 2019, the Company received a letter from The Nasdaq Listing Qualifications Staff of the Nasdaq Stock Market (“Nasdaq”) notifying the Company that the Company was not in compliance with the rules for continued listing as set forth in Nasdaq Listing Rule 5620(a)(the “Annual Meeting Rule”), because the Company had not yet held an annual meeting of shareholders within twelve months of the end of the Company’s fiscal year ended February 28, 2018; and (b) February 11, 2019, the Company received a letter from Nasdaq notifying the Company that the Company no longer complied with Nasdaq’s independent director requirement as set forth in Listing Rule 5605(b)(1)(the “Independent Director Rule”) because a majority of the Company’s Board of Directors was not comprised of “independent directors” as defined in Rule 5605.
On August 21, 2019, Nasdaq notified the Company that (i) as a result of the appointments of Messrs. Duchesne and Mendola to the Company’s Board of Directors, as detailed in the Current Report on Form 8-K dated August 19, 2019 (the “Form 8-K”), Nasdaq has determined that the Company complies with the Independent Director Rule, and such matter is now closed; and (ii) because, as described in the Form 8-K, the Company held a combined 2019/2020 annual meeting of shareholders on August 15, 2019, Nasdaq has determined that the Company complies with the Annual Meeting Rule, and such matter is now closed.
As a result of the above, the Company is now back in full compliance with all of Nasdaq’s rules for continued listing.
About Monaker Group, Inc. (OTCMKTS:MKGI)
Monaker Group, Inc., formerly Next 1 Interactive, Inc., is a technology driven travel and logistics company. The Company operates NextTrip.com, an online marketplace for the alternative lodging rental (ALR) industry. It operates through a segment consisting of various products and services related to its online marketplace of travel and related logistics, including destination tours/activities, accommodation rental listings, hotel listings, air and car rental. Its NextTrip.com has a capacity of uniting a range of travelers seeking ALR online with property owners and managers. As of February 29, 2016, the Company operated its online marketplace through 115 Websites in 16 languages, with Websites in Europe, Asia, South America and the United States. As of February 29, 2016, its global marketplace included approximately 100,000 paid listings on subscriptions and contracted with over 1.1 million listings under the performance based listing arrangement ALRs.