03:19 PM EDT, 10/03/2024 (MT Newswires) -- 180 Life Sciences ( ATNF ) said Thursday it has acquired an intellectual property package, consisting of a complete "back-end" technology solution for online casino operations, marking its strategic shift toward iGaming industry.

"This transaction not only satisfies Nasdaq's minimum stockholder equity requirements for continued listing, but also sets the stage for the company's entry into the dynamic and fast-growing global iGaming industry," said Interim CEO Blair Jordan. Nasdaq requires maintenance of stockholders' equity of at least $2.5 million for continued listing.

The company said it issued 1 million shares of a new series of Series B convertible preferred stock and warrants to purchase 3 million shares upon stockholder approval of the Gaming Technology Platform acquisition.

In addition to its new gaming focus, the company said it plans to retain its current portfolio of biotechnology intellectual property, adding that it is actively exploring opportunities to maximize the value of its biotechnology assets.

The firm also said it was able to settle a variety of legacy debts and litigation matters.

The shares were up more than 3% in recent trading.

Price: 1.46, Change: +0.05, Percent Change: +3.19