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Atari gets delisting notice from NASDAQ for low stock market value |
Listed in: News Tags: Associated Press, Atari, Forbes, Infogrames, NASDAQ
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After posting substantial losses in its latest financial report, Atari received a warning from NASDAQ stating the video game company may be removed from the list for its low market value of below US$ 15 million. According to the Associated Press via Forbes, Atari will be off NASDAQ's charts if its stock remains that low for 30 consecutive days.Atari has up to March 20 to comply. Beyond that, the company can appeal if it receives another notice of delisting. Just recently, Atari settled issues with FUNimation and regained the rights to publish Dragon Ball Z titles. The company also made agreements with shareholder Infogrames to increase its credit limit, so it's not all that bad.
Atari's fiscal Q2 2007 financial report show that it lost US$ 7.7 million. To address dropping revenues, the company went under restructuring which involved the resignation of former CEO David Pierce. Atari also decided to stop developing games to focus on publishing, but analysts believe it may become a pure distribution business soon.
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Atari hasn't been doing so well in the last year or so :(
It's sad, I have a lot of respect for atari. But Atari has a lot of experience too. SO ultimately If they arent changing to keep up with the times. Or changing their business model, To bring in new revinew. Then Its basicly their fault for being too stubborn to grow and change with the business :(
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