Kotaku
atari off the market
Atari Officially Delisted From Nasdaq
In an SEC filing, Atari reported that its delisting from the Nasdaq is official. Trading of the company's shares was suspended this morning at market open.
The company said it will appeal the decision, bringing it before Nasdaq's Listing and Hearing Review Council. At the same time, Atari is going ahead with previously-announced plans to merge with Infogrames, its majority shareholder, who is also loaning the company $20 million in required capital.
The company received a notice in December 2007 that it had to maintain a market value of $15 million or more for at least 10 business days, which it was unable to do. On March 24th, 2008, the Nasdaq notified Atari that it would be delisted unless it requested a hearing - it did, and that hearing, held on May 1st, failed to swing things Atari's way, and the Nasdaq ruled to proceed with the delisting process.
Full announcement follows the jump.
More »
