Atari undergoes reverse stock split
Publisher of Test Drive, Dragon Ball series makes move in attempt to stay listed on the Nasdaq.
Atari has undergone a one-for-10 reverse stock split in an attempt to keep itself listed on the Nasdaq Stock Exchange. The move means that every 10 shares of Atari common stock at the close of business yesterday, when it was valued at $0.57 per share, were consolidated to 1 share of Atari stock worth $5.70. Last March, the stock exchange warned Atari that it could be delisted if it continually failed to meet the Nasdaq's $1 minimum bid price requirement. Atari stock closed today's trading at $5.45, down $0.30 from its $5.75 opening. Atari must trade above $1 for 10 consecutive days before January 18 for Nasdaq to withdraw its decision to suspend the company's listing.
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