Acclaim shares tumble on Wall Street

  • By Staff, GameSpot
  • Posted Aug 27, 2004 4:50 pm PT

Stock price plummets as bankruptcy rumors swell. The week sees the company lose almost half its market cap.

While the industry waits to see whether or not rumors of an Acclaim bankruptcy turn out to be true, Wall Street traders are not taking any chances. This week, shares of the company--traded on the NASDAQ under the symbol AKLME--dropped almost half their value, from 18 cents a share on Monday to a dime a share this afternoon.

The NASDAQ records also show an unusually high volume of trading today--more than 20 million shares compared to only about 3 million shares per day on Wednesday and Thursday, when the stock was worth around 12 cents a share.

Over the past year, Acclaim's stock had traded as highly as $1.10 a share.

On Monday, Acclaim announced that it was in negotiations with a new primary lender after its agreement with GMAC Commercial Finance had been terminated. Acclaim had also received notice from NASDAQ regulators that its stock was about to be delisted due to Acclaim's inability to meet the minimum required market capitalization (which has since gone down by about half again) and failure to file its most recent quarterly report.

GameSpot will alert readers to any additional notification the company provides NASDAQ officials or traders now that the day's trading has ended.

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