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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