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Atari Faces NASDAQ Delisting #3

by Rainier on July 23, 2007 @ 12:05 a.m. PDT

Atari announced that it has received a NASDAQ Staff Determination stating that it is not in compliance because it did not file its Annual Report on Form 10-K for the year ended March 31, 2007 within the prescribed time period, and its securities are subject to delisting.

Receipt of the Determination does not result in immediate delisting of its common stock. Atari has made a timely request for a hearing with The NASDAQ Listing Qualifications Panel to appeal the NASDAQ Staff Determination. This request will stay the delisting pending the Panel's decision. Atari has not filed its Form 10-K because it is still determining what, if any, accounting entries it needs to make with respect to certain severance matters. Atari will endeavor to make that determination as quickly as possible and therefore file its Form 10-K prior to the hearing date. If Atari does not, there can be no assurance the Panel will grant its request for continued listing.

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