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.
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