Online gambling solutions provider NeoGames has regained compliance with Nasdaq rules after appointing Steve Capp as an independent, non-executive director.
Capp will serve as chair of the Audit Committee and join the Compensation Committee and Nominating and Corporate Governance Committee. His appointment was approved at the provider’s recent annual general meeting.
An experienced industry executive, Capp was previously chief financial officer of Bally’s Corporation for over three years. He also spent more than eight years in the same role at Pinnacle Entertainment.
Capp is currently director of Dreamscape Entertainment Properties, a business he launched earlier this year.
“Steve is a highly experienced executive who brings leadership, deep expertise and professional experience to our board,” NeoGames chief executive Moti Malul said. “Steve will be a valuable addition to our board.”
Nasdaq compliance
The appointment brings NeoGames back in line with Nasdaq rules. In April, NeoGames was issued a non-compliance notice by Nasdaq after Lisbeth McNab resigned from its board.
McNab was chair of the Audit Committee and a member of the Compensation Committee and Nominating and Corporate Governance Committee. At the time, NeoGames said that McNabb’s resignation was not due to disagreement with company policies or practices.
However, this led to non-compliance with Nasdaq Listing Rule 5605(c)(2), which requires three members be present on a company’s audit committee.
NeoGames was granted a “cue period” to move back in line with Nasdaq’s rules and given until 18 October to comply.
Confirmation of Capp’s appointment as a non-executive director, as well as chair of the Audit Committee, satisfied this requirement.
New CFO and Aristocrat acquisition
Capp’s appointment comes after NeoGames last week also announced Motti Gil as its new CFO. He will replace Raviv Adler, who will step down with effect from July 31 to pursue another opportunity.
Gil joins NeoGames having served as chief financial officer at Aspire Global since July 2016. Prior to this, he was CFO at GoNet Systems and combined the roles of vice-president and CFO at IXI Mobile.
The news followed the announcement that Aristocrat is to acquire NeoGames for $1.20bn.
Subject to completion, NeoGames will transfer its statutory seat, registered office and seat of central administration from Luxembourg to the Cayman Islands.
An Aristocrat subsidiary will merge with NeoGames, with the latter being the surviving company, and become a subsidiary of Aristocrat.
NeoGames’ board unanimously approved the deal while shareholders, who hold 20,382,242 shares, representing approximately 61% of NeoGames’ holding, also executed a support agreement with Aristocrat to vote in favour of the transaction.
The acquisition is expected to complete within 12 months, subject to customary closing conditions.