 |
January 4, 2008 |
|
|
|
 |
ATARI INC: Has Until March 20 to Comply with Nasdaq Rules Atari Inc. has received a notice from The Nasdaq Stock Market advising that in accordance with Nasdaq Marketplace Rule 4450(e)(1), Atari Inc. has 90 calendar days, or until March 20, 2008, to regain compliance with the minimum market value of Atari Inc.'s publicly held shares required for continued listing on the Nasdaq Global Market, as stated in Nasdaq Marketplace Rule 4450(b)(3). Atari Inc. received the notice because the market value of its publicly held shares, which is calculated by reference to Atari Inc.'s total shares outstanding, less any shares held by officers, directors or beneficial owners of 10% or more, was less than US$15 million for 30 consecutive business days prior to Dec. 21, 2007. This notification has no effect on the listing of Atari Inc.'s common stock at this time. The notice letter also states that if, at any time before March 20, 2008, the market value of Atari Inc.'s publicly held shares is US$15 million or more for a minimum of 10 consecutive trading days, the Nasdaq staff will provide Atari Inc. with written notification that it has achieved compliance with the minimum market value of publicly held shares rule. However, the notice states that if Atari Inc. cannot demonstrate compliance with such rule by March 20, 2008, the Nasdaq staff will provide Atari Inc. with written notification that its common stock will be delisted. In the event that Atari Inc. receives notice that its common stock will be delisted, Nasdaq rules permit Atari Inc. to appeal any delisting determination by the Nasdaq staff to a Nasdaq Listings Qualifications Panel. About Atari Inc. Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) -- http://www.atari.com/ -- develops interactive games for all platforms and is a third-party publisher of interactive entertainment software in the U.S. Atari Inc. is a majority- owned subsidiary of France-based Infogrames Entertainment SA, an interactive games publisher in Europe. Atari has offices in Brazil, the United Kingdom and Japan. Going Concern Doubt New York-based Deloitte & Touche LLP expressed substantial doubt about Atari's ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended March 31, 2007. The auditing firm pointed to the company's significant operating losses. |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Asia Pacific. To receive the Full TCR-AP please CLICK HERE.
