Snail, Inc (NASDAQ:SNAL) told investors it is delaying the release of its fourth-quarter results and has engaged Shareholder Intelligence Services (ShareIntel) to investigate any potential trading violations involving its stock.
Snail, a global independent developer and publisher of interactive digital entertainment, said it has changed the earnings release date for its 4Q and full-year 2022 financial results to Wednesday, March 29, 2023, after the US stock market closes. It previously scheduled the results to go out a week earlier.
In a separate announcement, the company said it has entered into a service agreement with ShareIntel, a compliance-driven SAAS platform, explaining that the company’s patented DRIL-Down process enables public companies to track shareholder ownership and monitor critical broker-dealer and shareholder movement.
“Management intends to further utilize ShareIntel’s trusted advisory services to implement action plans to monitor and address any abusive activity, including the investigation of potential illegal naked short selling and other potential trading violations involving the company's stock,” Snail said in the statement.
The company’s shares traded about 5% higher at $1.39 shortly before noon in New York.
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