THQ issued NASDAQ delisting notice
Publisher's stock price must hit $1 or above for 10 consecutive days before July 23 or it will be subject to removal from global market.
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Troubles for publisher THQ are continuing to pour in. Today, the company said it has received written word from the NASDAQ global stock market noting that if the California-based publisher's per-share price does not post gains, it will face removal from the exchange.
Because THQ's stock price has been valued at below $1 (the minimum requirement for continued listing) for 30 consecutive days, its future on the market is in question. A single share of THQ stock is valued at $.70 as of press time. A year ago this week, THQ stock was trading for over $6 per share.
However, THQ has time to right its ship. If the publisher's stock value closes at $1 per share or above for 10 consecutive days before July 23, 2012, THQ will remain listed on NASDAQ.
If THQ's stock price does not rise within the allotted time, the publisher still has some options to keep its company listed on NASDAQ. THQ can appeal the decision and stand before a hearings panel to decide its fate. The company can also transfer its capital to the NASDAQ Capital Market, where it will be granted another 180 days to reach compliance.
THQ has been undergoing significant restructuring as of late. Last week, the publisher announced it was exiting the children's game segment, instead streamlining its business and focusing principally on its core franchises.
Additionally, the company has cut staff at its Australian outfit, as well as at its Agoura Hills, California, headquarters. THQ will provide further information concerning its new direction during its third-quarter 2012 financial call on February 2.