Atari poised for Nasdaq delisting

Atari has received its third notice in six months from the Nasdaq stock exchange warning that it faces delisting.

Nasdaq is taking the action because the gaming firm has yet to file its financial statement for the quarter ended 30 June 2007.

Atari received the latest notice because the market value of its publicly held shares was less than $15m for 30 consecutive business days prior to 21 December 2007.

In accordance with Nasdaq regulations, Atari has until 20 March 2008 to regain compliance with the minimum market value of its publicly held shares required for continued listing on the Nasdaq Global Market.

The publicly held shares are calculated by referring to Atari's total shares outstanding, less any shares held by officers, directors or beneficial owners of 10 per cent or more.

Previous notifications in July and August were related to the late filing of quarterly financial statements.

Nasdaq will rescind its delisting notice if Atari can get the market value of its publicly held shares above the $15m threshold for at least 10 consecutive days before the deadline.

In the event that Atari fails to meet these criteria and receives notice that its common stock will be delisted, Nasdaq rules permit Atari to appeal to a Nasdaq Listings Qualifications Panel prior to any final delisting determination.

See also:

2007 Roundup: Pump-and-dump tops spam league

Top 10 spam list unveiled  24 Dec 2007

Activision and Blizzard join forces

$18.8bn merger creates new titan in the gaming industry  03 Dec 2007

Stock spam gets smart

'Pump and dump' is no such thing  24 Oct 2007

EA to acquire BioWare and Pandemic

Games giant will pay over $620m  12 Oct 2007

Nasdaq poised to delist SCO Group

The meltdown continues  20 Sep 2007

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