Atari Booted from Nasdaq
After numerous close-calls, the Nasdaq stock market has removed Atari from its listings, the game maker announced Thursday.
Nasdaq told Atari on December 21 last year that it had to bring its market value up to $15 million or more for 10 consecutive business days prior to March 20 this year. However, the publisher was unable to meet the requirement.
Nasdaq will suspend trading of Atari’s shares beginning Friday, May 9.
Atari said that it intends to request a review of the decision from the Nasdaq Listing and Hearing Review Council.
For now, Atari shares will trade on the Pink Sheets, an electronic quotation service maintained by Pink Sheets LLC. The company’s ticker will be ATAR or ATAR.PK.
Atari said Nasdaq notified the company of the delisting on March 24. The game maker then requested a hearing before a Nasdaq Listing Qualifications Panel. The hearing was conducted May 1.
Atari said that it doesn’t believe the delisting will affect the recently-announced $11 million merger with Lyon, France-based majority shareholder Infogrames.