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September 1, 2006
1 Min Read
U.S. publisher Atari has anounced that it is out of compliance with the NASDAQ stock market's rule that its stock maintain a $1.00 price, but has vowed to fight any attempts to delist it from the market - another blow for the struggling company were it to come to pass. Atari explained that "unless the bid price of our common stock closed at $1.00 per share or more for a minimum of 10 consecutive business days prior to August 30, 2006, the common stock would be subject to delisting. The price of the common stock did not reach that level" - it's currently listed at $0.69, in fact. However, the company intends to request a hearing before a NASDAQ Listing Qualifications Panel, and will remain listed on The NASDAQ Global Market until the Panel issues its decision following the hearing (the date of which is not yet known). Atari expects the hearing to be held in approximately 25 to 45 days. Atari's most recent financials showcased reduced revenue but a reduced loss thanks to its recent IP sales, and it is unclear whether long-term debts from parent firm Infogrames and continues IP divestiture augur well for the company's long-term future.
About the Author(s)
Simon Carless is the founder of the GameDiscoverCo agency and creator of the popular GameDiscoverCo game discoverability newsletter. He consults with a number of PC/console publishers and developers, and was previously most known for his role helping to shape the Independent Games Festival and Game Developers Conference for many years.
He is also an investor and advisor to UK indie game publisher No More Robots (Descenders, Hypnospace Outlaw), a previous publisher and editor-in-chief at both Gamasutra and Game Developer magazine, and sits on the board of the Video Game History Foundation.
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