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Bragg Gaming Group reshuffles Audit Committee

Bragg Gaming Group has seen its Audit Committee undergo changes to address a non-compliance issue flagged by the Nasdaq Stock Exchange.

Alex Spiro has replaced Rob Godfrey on Bragg’s three-person Audit Committee after the latter was forced to step down due to a conflict of interest.

The Nasdaq’s rules require three independent directors serve on the Audit Committee, but Rob Godfrey’s independence was brought into question. His father, Paul Godfrey, was named Interim CEO last November, causing Rob Godfrey to no longer meet the Nasdaq’s criteria for independence.

Bragg was quick to address this issue, appointing Spiro to serve on the Audit Committee in Rob Godfrey’s stead, who resigned from the panel.

“Bragg received notice from the Nasdaq Stock Exchange notifying it that prior to the above noted changes in the composition of the Audit Committee, the company was not in compliance with Nasdaq’s Listing Rule 5810(b) which requires that there must be three independent directors serving on the Audit Committee,” stated Bragg.

“The non-compliance was the result of Paul Godfrey being appointed Interim Chief Executive Officer on 15 November 2021 which caused Rob Godfrey to no longer be independent due to a family relationship.”

As a result of these recent changes, Bragg’s Audit Committee now comprises the previously mentioned Spiro, as well as Holly Gagnon and Paul Pathak, who serves as Chair.

“Each of these three members of the Audit Committee meet the criteria for director independence set forth in Rule 10A-3(b)(1) under the Securities Exchange Act of 1934,” added Bragg.

DraftKings has reported first quarter revenue of $417m, an increase of 34% year-on-year.  The operator’s B2C segment grew to $404m, representing a growth rate of 44% from Q1 2021.

Earlier this month the Advertising Standards Authority (ASA) announced new rules that will dramatically restrict the use of sportspeople and celebrities in gambling advertising. The UK’s advertising regulator…

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