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More gloom for struggling publisher

Zoo Entertainment fails to remain on Nasdaq

Zoo Entertainment, the indie and mobile games publisher, has been delisted from the Nasdaq stock exchange after not honouring a 45-day warning.

In September, the stock exchange notified Zoo that it no longer met qualifications for listing, as Nasdaq-listed firms require a minimum of $2.5 million in stockholder equity.

The warning came days after Zoo notified investors of a 63 per cent year-on-year revenue decrease. CEO Mark Seremet said the Ohio company’s transition to becoming a digital-only publisher has been "rough".

“We remain very optimistic about our future and are ready to fully expand our new digital business," he added.

The company is currently embroiled in a class-action lawsuit for allegedly misleading investors with inaccurate income and earnings statements.

Zoo Publishing is the sponsor of indiePub Games, a community of independent video game developers. The company holds developer competitions with cash prizes and publishing deals on offer.

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