Atari Receives Delisting Letter from Nasdaq
Late last year, Atari received a letter from the Nasdaq informing the company it was out of compliance and subject to delisting. Atari had until March 20 to rectify the situation, and it hasn't.
One of the rules for listing on the Nasdaq is that a company's outstanding shares (not counting those held by officers, directors and certain beneficial owners) must have a market value equal to or greater than $15 million. By late last year, Atari's stock had fallen well below that threshold. The Nasdaq exchange informed Atari that it had until March 20 to fix the situation.
On March 24, Atari received a letter from the Nasdaq informing the company that the value of its stock had not reached the required threshold, and that Atari's stock is subject to delisting. Atari plans to appeal the decision, emphasizing the value of Infogrames' recent offer to acquire all of Atari's outstanding stock.
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