Nasdaq Delists and Halts Trading of Atari Stock
Atari has received multiple letters from the Nasdaq threatening to delist the company. Yesterday, Atari reports, the company received a notice from the Nasdaq that a Nasdaq Listing Qualifications Panel has determined that the Nasdaq will delist Atari's stock and suspend trading as of the opening of business tomorrow.
Atari has been out of compliance with the Nasdaq's listing requirements for months, and given that Infogrames has agreed to repurchase all the Atari stock that it originally spun off (meaning that Atari will once again be part of Infogrames and its stock will stop trading), the Nasdaq's decision makes tremendous sense. Even so, Atari plans to ask the Nasdaq to review the decision.
Assuming the decision stands (and it probably will), Atari's stock can still be traded over the counter (assuming anyone is willing to make a market in Atari's stock) – at least until Atari's stock is purchased by Infogrames.
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