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About Rainier

PC gamer, WorthPlaying EIC, globe-trotting couch potato, patriot, '80s headbanger, movie watcher, music lover, foodie and man in black -- squirrel!

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Atari Facing Nasdaq Delisting Once Again, Still...

by Rainier on March 26, 2008 @ 6:31 p.m. PDT

In Dec. 2007 Atari received yet another notice from Nasdaq that it had 90 days to get its ducks in a row or it would be facing delisting. On March 24, 2008 it received a Staff Determination Letter that Atari had not gained compliance with the requirements, and that its securities are therefore subject to removal from The Nasdaq Global Market.

As previously announced, on December 21, 2007, the Nasdaq Listing Qualifications Department notified Atari, Inc. that, pursuant to Nasdaq Marketplace Rule 4450(e)(1), unless the market value of Atari, Inc.'s publicly held shares (which is calculated by reference to Atari, Inc.'s total shares outstanding, less any shares held by officers, directors or beneficial owners of 10% or more) maintains an aggregate market value of $15.0 million or more for a minimum of 10 consecutive business days prior to March 20, 2008, Atari, Inc.'s securities would be subject to delisting.

The value of Atari, Inc.'s publicly held shares did not reach that level within the required period. Atari, Inc. intends to request a hearing before a Nasdaq Listing Qualifications Panel in order to appeal the Nasdaq Staff's determination in light of, among other things, the pending proposal by Infogrames Entertainment SA (IESA) to acquire all of the outstanding shares of common stock not held by IESA. The hearing request will stay the delisting and, as a result, Atari, Inc.'s securities will remain listed on The Nasdaq Global Market until the Panel issues its decision following the hearing. There can be no assurance that the Panel will grant Atari, Inc.'s request for continued listing on The Nasdaq Global Market.

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