THQ gets stock delisting notice
Nasdaq has given THQ a stock delisting notice, giving the company 180 days to rise and maintain its stock at or above $1 per share.Steve Watts
January 31, 2012 7:00 AM13
Troubles continue to mount for THQ. On the heels of studio closures and layoffs, the publisher has now been given a stock delisting notice. If it can’t get its stock prices in order in 180 days, it will be pulled from the Nasdaq Global Market.
The notice (via Joystiq) claims that THQ’s common stock has closed below the minimum of $1 for 30 consecutive business days. It has until July 23, 2012 to close at or above $1 per share for 10 consecutive business days. We’ve seen the Nasdaq follow up on this before in the video game industry, when Atari was pulled. A delisting doesn’t necessarily spell doom for a company, but it certainly doesn’t bode well.
THQ is hoping to turn its fortunes around by cutting kids licensed properties, and renewing its focus on core games. An investor call scheduled for Thursday will sell its case to potential buyers.