Atari Receives NASDAQ Delisting Notice

Author: by Staff

Publisher Atari has announced that it has received a delisting notification from NASDAQ, as it has yet to file its fiscal 2007 annual report pending determinations on accounting entries on "certain severance matters." The company was last under threat of delisting last September as it was struggling to maintain NASDAQ rules that require common stock remain above one dollar per share, though it had since recovered. Atari says it is endeavoring to make the severance-related entries "as quickly as possible" to file the Form 10-K prior to its requested meeting with the NASDAQ Listing Qualifications Panel where it will appeal the NASDAQ Staff Determination. NASDAQ warnings have been fairly frequent as of late, but infrequently result in actual delisting, with recent recoveries being made by Majesco, THQ, and Take-Two.