Acclaim faces NASDAQ delisting
Beleaguered publisher Acclaim has revealed that it has been threatened with delisting by the NASDAQ stock exchange authorities, as the company's share price and market value dipped below the minimum standards for the exchange.
Beleaguered publisher Acclaim has revealed that it has been threatened with delisting by the NASDAQ stock exchange authorities, as the company's share price and market value dipped below the minimum standards for the exchange.
The firm's stock price currently stands at 19 cents, giving it a market capitalisation of under $25 million - far below the minimum market value of $35 million demanded by the NASDAQ authorities.
Acclaim has been told that it must raise its value to over $35 million for ten consecutive days before August 18th, or action will be taken to delist it from the exchange - although the company would retain the right to appeal any such decision.
In effect, then, Acclaim must get its share price up to 28 cents or above, and keep it there, or it will be removed from the NASDAQ - a serious blow to the company, which would then probably be forced to move its stock to the lower-value OTC Bulletin Board.