Atari has announced that it has again been warned by the NASDAQ stock market over minimum share value, with a possible delisting if the firm can't show that its public shares are worth more than $15 million by March 20th.
The company
had indicated in December 2007 that it faced possible delisting in March 2008, and has continued to struggle, having systematically sold off its licenses and development studios over the past several years, and battled long-term debts and restructuring at parent company Infogrames.
It has received multiple delisting notices during these years,
notifying investors to the same effect in July 2007 and
also in September 2006.
Atari has 10 consecutive business days to avoid delisting, during which it must maintain its market value at a minimum of $15 million. Additionally, the company says it will request a hearing before the Nasdaq Listing Qualifications Panel to appeal the decision in light of Infogrames'
pending proposal to acquire all of its outstanding common shares.
Until the panel's decision following the hearing, Atari will remain listed on the Nasdaq Global Market, but the company notes, "There can be no assurance that the Panel will grant Atari, Inc.'s request for continued listing on The Nasdaq Global Market."
