Following the loss of its Chief Executive Officer and negative financial forecasts, Atari has 90 days to raise its standing with investors to remain on the NASDAQ exchange.
Infogrames Entertainment has announced that its public U.S. subsidiary Atari (ATAR) received a notice from Nasdaq on December 21 which warned the company that it faces delisting from the NASDAQ Stock Market unless the minimum market value of its shares recovers to meet Nasdaq's requirements within 90 days.
Atari's market capitalization was below $15 million for 30 consecutive business days prior to Dec 21. Delisting will be avoided if the $15 million minimum is met for at least 10 consecutive trading days prior to March 20, 2008.
Atari shares fell $.04 to close at $1.44 on Thursday and opened on Friday at $1.40. The company has approximately 13.48 million outstanding shares.