Ellie Gibson
11:49 (BST)
04/01/2007
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Atari shareholders approve stock split
Publisher launches bid to remain listed on NASDAQ
Atari's shareholders have approved a deal first announced back in November to introduce a one-for-ten reverse stock split.
The move, which is being made in a bid to ensure that Atari remains listed on the NASDAQ, means that each 10 shares of the publisher's common stock (worth US$ 0.01 per share) have been converted into one share of common stock (worth US$ 0.10 per share).
NASDAQ warned Atari that it was at risk of being delisted after a long period of trading below US$ 1 per share which began last January. On December 20, NASDAQ notified the publisher that the warning would be withdrawn if its shares trade above the US$ 1 target for ten days ending on or before January 18 2007.
"We are pleased that our stockholders have approved this step that will enable our common stock to continue to be listed on the NASDAQ Global Market," said Atari CEO David Pierce.
"We view that listing as an important benefit to our stockholders.â
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