Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On January 31, 2023, Muscle Maker, Inc. (the "Company") received a letter from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, based upon the Company's non-compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing on Nasdaq as set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement") as of January 31, 2023, the Company would need to request a hearing to appeal the determination.

The Company will be requesting a hearing before a Nasdaq Hearings Panel (the "Panel") by 4:00 p.m. Eastern Time on February 7, 2023. This request for a hearing will stay any further action by Nasdaq at least pending completion of the hearing process and the expiration of any extension period that may be granted by the Panel following the hearing. Notwithstanding, there can be no assurance that the Panel will determine to continue the Company's listing or that the Company will timely evidence compliance with the terms of any extension that may be granted by the Panel following the hearing.

As previously reported, on February 1, 2022, the Company received a letter from the Staff therein indicating that, based upon the closing bid price of the Company's common stock for the prior 30 consecutive business days, the Company was not in compliance with the requirement to the Minimum Bid Price Requirement. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was granted 180 calendar days, or until August 1, 2022, to regain compliance. On August 2, 2022, the Company received a second letter from the Staff advising that the Company had been granted an additional 180 calendar days, or to January 30, 2023, to regain compliance with the Minimum Bid Price Requirement, in accordance with Nasdaq Listing Rule 5810(c)(3)(A).

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