As previously reported in a Current Report on Form 8-K, dated August 11, 2011, Empire Resorts, Inc. (the “Company”) received a Nasdaq Staff Determination Letter on August 16, 2011 indicating that the Company failed to comply with the minimum bid price requirement for continued listing and that the Company’s common stock was, therefore, subject to delisting from The Nasdaq Global Market. The Company requested a hearing before a Nasdaq Hearings Panel (the “Panel”) to review the Staff Determination, which request stayed the suspension of the Company’s common stock, and such hearing was held on October 6, 2011. The Company informed the Panel that it will ask shareholders to approve a one-for-three reverse stock split in order to regain compliance with the minimum bid price requirement. On October 28, 2011, the Company was informed that the Panel granted the Company’s request to remain listed on The Nasdaq Global Market subject to our ability to evidence on or before December 31, 2011 a closing bid price of $1.00 or more for a minimum of ten prior consecutive trading days.
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