NASDAQ offers new ultimatum to Atari
Atari‘s financial woes as of late is no secret to us all. The company was recently involved in a heavy management shake up, not to mention that they’ve been selling off a good number of their development studios. Back in November, NASDAQ even warned the company that they will be de-listed if their financial status won’t approve.
Surprisingly, it seems that NASDAQ suddenly had a change of heart and offered the publisher a new ultimatum. The American stock exchange group notified Atari that they would withdraw the warning if its shares trade above the US$ 1 target for ten days ending on or before January 18 2007. When the warning was first issued, Atari’s common stock was worth a disappointing US$ 0.01 per share.
Furthermore, Atari took the offer and immediately executed a one-for-ten reverse stock split. While the move is still up for a bid, it simply means that ten of each of the common stocks will be be lumped together to make just one stock. That will then bumped up the price of its shares to US$ .10, much closer to the target one buck per share.
Given all these, CEO David Pierce was rather quiet as he only had this words to say: “We are pleased that our stockholders have approved this step that will enable our common stock to continue to be listed on the NASDAQ Global Market.”
Via GamesIndustry
Atari‘s financial woes as of late is no secret to us all. The company was recently involved in a heavy management shake up, not to mention that they’ve been selling off a good number of their development studios. Back in November, NASDAQ even warned the company that they will be de-listed if their financial status won’t approve.
Surprisingly, it seems that NASDAQ suddenly had a change of heart and offered the publisher a new ultimatum. The American stock exchange group notified Atari that they would withdraw the warning if its shares trade above the US$ 1 target for ten days ending on or before January 18 2007. When the warning was first issued, Atari’s common stock was worth a disappointing US$ 0.01 per share.
Furthermore, Atari took the offer and immediately executed a one-for-ten reverse stock split. While the move is still up for a bid, it simply means that ten of each of the common stocks will be be lumped together to make just one stock. That will then bumped up the price of its shares to US$ .10, much closer to the target one buck per share.
Given all these, CEO David Pierce was rather quiet as he only had this words to say: “We are pleased that our stockholders have approved this step that will enable our common stock to continue to be listed on the NASDAQ Global Market.”
Via GamesIndustry
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