"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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After numerous close-calls, the Nasdaq stock market has removed Atari from its listings, the game maker announced Thursday.
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David Gardner, chief executive officer of Infogrames, has told GamesIndustry.biz that the rejuvenated Atari business doesn't have room for mistakes. New Atari products have got to sell well for the publisher as it reboots the business, with Gardner keenly aware of the increasing competition in the videogame market.
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David Gardner has stated his belief that forthcoming adventure title Alone in the Dark can sell "2-3 million units" on all platforms, following its delayed release in June this year.
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Atari Inc has reported its financial results for the fourth quarter and the year ended March 31, 2008, showing an improvement over the same period during the prior year. The company reported Q4 net revenue of USD 15.3 million - down from USD 26.9 million in the comparable year-earlier period - with a net loss of USD 3.7 million or USD 0.27 per share.
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Massive "transformation" costs send publisher into red despite annual revenue increase, much-touted president moves to non-executive role; unnamed projects canceled; Champions Online hitting Xbox 360 during holidays.
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The Atari brand is finally on the verge of disappearing. The company has been making big losses, cutting staff and selling off existing game titles. Now it begins to run out of money. This holiday season is pretty much its last chance as it will need to spend virtually every cent it can lay its hands on finishing and promoting the few games it has left.
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