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Canadian online gambling software developer Amaya Gaming has run into a snag as it attempts to acquire the assets of another supplier and well known licence holder of various branded slot games, Cryptologic. Amaya’s first issue to deal with within the next forty five days is the compliance required by the American Stock Exchange NASDAQ. The issue stems from an exit of executives from the Cryptologic board of Directors.
Simon Creddy Smith and James Wallace resigned from the Cryptologic board following the company's acquisition by Amaya Gaming, causing an unbalance of the required independent board of Directors as is directed by the notification issued by NASDAQ, which claims that the firm no longer complies with the American stock exchange's audit committee requirements.
Founded in 2004, Amaya Gaming Group Inc. is a technology based gaming provider for the regulated gaming industry. An expansive global organization, present in North America, Latin America, Europe, Africa and Asia, Amaya is an innovator in the gaming world that is keen on making use of the portfolio that Cryptologic contains. NASDAQ has requested compliance with Listing Rule 5605(c)(2) which indicates that the audit committee needs to include at least three independent directors. In case of Cryptologic, it now only comprises one. The NASDAQ Staff Deficiency Letter was received by the Amaya Board of Directors that has the legal crew getting its ducks in row in order to keep the ball rolling on the acquisition front. Amaya has invested heavily in the Cryptologic assets that the firm wants to exploit in short order. Business practice is one of plying by the rules and its surprising the lawyers for the Amaya Gaming group would have missed such a crucial ruling. Most companies have the compliance issues worked out long before the deal is arranged. This snag is sure to cost the business something.