Atari aims to avoid Nasdaq de-listing

The proposed stock split would reduce the outstanding shares to one-tenth their current value, which should result in a per share market price above the minimum $1 requirement that a Nasdaq listing demands.

Chairman of the Board of Directors at Atari Bruno Bonnell said of the proposal: “The final decision for Atari to undergo a reverse stock split was made in connection with an appeal from a Nasdaq staff determination that Atari’s common stock should be suspended because it was not in compliance with Nasdaq's minimum bid price requirement.”

“While Atari has not been assured that the reverse stock split will ensure reversal of that staff determination, even if the determination were not reversed and trading was moved to the Nasdaq Capital Market, continued eligibility for trading in that market would require that the market price of Atari's common stock be above $1 per share.”

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