"Atari, Inc. (Nasdaq: ATAR), an interactive entertainment company, announced today that on March 24, 2008 it received a Staff Determination Letter from the Nasdaq Listing Qualifications Department stating that Atari, Inc. has not gained compliance with the requirements of Nasdaq Marketplace Rule 4450(b)(3), and that its securities are therefore subject to delisting from The Nasdaq Global Market."
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Atari Inc. has announced that it received a letter from Infogrames Entertainment S.A., the company's majority shareholder, expressing its intent to acquire the remaining outstanding stock of the company. Infogrames' offer, which is non-binding, amounts to USD 1.68 per share for the Atari Inc. stock it does not own.
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"For the second time this year, Atari has received a warning from Nasdaq that its stock could be delisted. This time, the violation doesn't concern a tardy financial report, rather the market value of the ailing video game publisher's stock, which is below $15 million. If that number stays below $15m for thirty consecutive days, the stock will be delisted (and we can't imagine that's going to go over well with investors)."
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Former Sony worldwide studios boss Phil Harrison has taken the position of president of Infogrames, working beside newly appointed CEO David Gardner. As revealed by GamesIndustry.biz last week, Harrison has joined the reinvigorated Atari brand, with the respected veteran now in charge of pushing the company's software business into the online space.
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