Atari gets second Nasdaq delisting warning

Aug 22, 2007 2:51 PM
Filed under Hardware

Video game publisher Atari has received a second notice from the Nasdaq stock exchange that it faces delisting as it has yet to file its quarterly financial statement for the quarter ended 30 June 2007.

Atari was sent its first warning last month after failing to file its financial report for fiscal 2007.

The company has said that it cannot determine its first-quarter results until its year-end results have been finalised.

Atari is still wrapping up these figures as there are unresolved severance matters resulting from its 20 per cent workforce cuts in May.

The struggling publisher is due to attend a hearing with the Nasdaq Listing Qualifications Panel on 30 August to appeal against the potential delisting.

Atari has promised to wrap up the outstanding issues as quickly as possible and hopes to file both financial statements before the hearing.

The Nasdaq panel has warned that there can be no assurance that it will grant Atari's request for continued listing, but that the hearing request has stayed any delisting pending the decision.