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Atari Delisted From Nasdaq Stock Exchange
Posted by Luke Plunkett at 11:30 AM on March 27, 2008
After what feels like years of threats, Atari have finally been handed a delisting notice from the Nasdaq stock exchange, after the company failed to raise the $US 15 million in market capitalisation it needed to stay the executioner's axe. An appeal's already been lodged, citing parent company Infogrames offer of a total buyout, but, yeah. Things don't look good. Guess Misseur Directeur Général Délégué has his work cut out for him. Those with a morbid fascination for death rattles can read Atari's full statement after the jump.
NEW YORK, March 26 /PRNewswire-FirstCall/ -- Atari, Inc. (Nasdaq: ATAR), an interactive entertainment company, announced today that on March 24, 2008 it received a Staff Determination Letter from the Nasdaq Listing Qualifications Department stating that Atari, Inc. has not gained compliance with the requirements of Nasdaq Marketplace Rule 4450(b)(3), and that its securities are therefore subject to delisting from The Nasdaq Global Market.As previously announced, on December 21, 2007, the Nasdaq Listing Qualifications Department notified Atari, Inc. that, pursuant to Nasdaq Marketplace Rule 4450(e)(1), unless the market value of Atari, Inc.'s publicly held shares (which is calculated by reference to Atari, Inc.'s total shares outstanding, less any shares held by officers, directors or beneficial owners of 10% or more) maintains an aggregate market value of $15.0 million or more for a minimum of 10 consecutive business days prior to March 20, 2008, Atari, Inc.'s securities would be subject to delisting. The value of Atari, Inc.'s publicly held shares did not reach that level within the required period. Atari, Inc. intends to request a hearing before a Nasdaq Listing Qualifications Panel in order to appeal the Nasdaq Staff's determination in light of, among other things, the pending proposal by Infogrames Entertainment SA (IESA) to acquire all of the outstanding shares of common stock not held by IESA. The hearing request will stay the delisting and, as a result, Atari, Inc.'s securities will remain listed on The Nasdaq Global Market until the Panel issues its decision following the hearing. There can be no assurance that the Panel will grant Atari, Inc.'s request for continued listing on The Nasdaq Global Market.
Comments (AU Comments · US Comments)
There are currently no AU comments for this post.
TrevWolf
Posted 8:26 AM 28/3/08
But what will happen to my shameless DBZ cash-in titles? They're the lynchpin of my gaming library.
TrevWolf
battra92
Posted 11:24 PM 27/3/08
I have a mixed love/hate relationship for Atari. On the one hand I love them for releasing some games I had interest in. I really had fun with Godzilla:DAMM on the Cube and while I don't know how it sold, they did continue with the franchise.
On the other hand, a lot of their games are crap and not worth paying $50. I'll get Godzilla unleashed ... when I can find it for under $20.
What it all boils down to is Atari/IFG released Ikaruga on the Gamecube. If IFG on its own does more stuff like that, I have a whole wallet full of cash they can have.
battra92
battra92
Posted 10:52 PM 27/3/08
@Seabass:Paging Phil Harrison, Phil Harrison to the white courtesy phone please.
No, the white phone.
I GOT IT!
battra92
tei
Posted 9:37 PM 27/3/08
Could Atari avoid "clickandbuy" please?
Maybe is the lower bidder or something, but is a pain in the ass.
I don't want to be punished for tryiing to buy a game from Atari.
tei
Voltron
Posted 5:05 PM 27/3/08
was meant to say: ...where Phil and Gardner are at the helm.
In short, you will all get your DBZ, AITD 5 and other Atari games this year. IFG will continue to exist.
Plus, the Atari.com homepage will hopefully be remade and look good once the deal is done.
Voltron
Voltron
Posted 4:51 PM 27/3/08
Sorry for having to play a stock boy wiseass again, but this is actually good news.
ATAR (=Atari Inc.) can be delisted, bombed etc. and nothing happens, because all the rights belong to EPA:IFG (= Infogrames Holding) already.
In fact, Harrison and Gardner joined IFG, not ATAR. All name (including the Atari Logo !!) and IP rights belong to IFG.
IFG will continue the release the games - including Alone on the Dark - with the Atari logo and is listed in Paris...
[corporate.infogrames.com]
Only ATAR will cease to exist (or go private, since IFG will buy the outstanding 49% shares listed on the NASDAQ).
I tried to warn people for months who bought ATAR stock and weren't even aware that ATAR was simply a measly subsidiary owned by IFG. *sigh*.
IFG is the one watch regarding Atari's future and where Phil and Gardner at the helm.
Voltron
Karlott
Posted 3:08 PM 27/3/08
I've had my fun with The Witcher and the NWN stuff lately. I certainly hope they get taken in by a company that will do right by my PC RPG goodness.
Karlott
Spartan1308
Posted 2:44 PM 27/3/08
Maybe someone will buy them. Seems like they're pretty cheap.
Spartan1308
DeeBG
Posted 2:06 PM 27/3/08
Remember people, this doesn't mean they will stop being a company, they'll get swallowed up and we'll see the next Alone in the Dark and whatever else that was decent they had on the table.
DeeBG
Taco Bell™
Posted 1:17 PM 27/3/08
I'm kinda sad. I don't recall playing any Atari games that were any good within the past few years, but it's still sad.
Taco Bell™
Fireblast
Posted 1:12 PM 27/3/08
Kinda feel sorry for them considered the new Alone in the Dark looks pretty good.
Fireblast
muppetsausages
Posted 1:11 PM 27/3/08
@KM91: It's not the real ATARI. The bachelor chow that you eat is not made by your mother, contrary to what the box may have you believe.
muppetsausages
Lexxon
Posted 12:49 PM 27/3/08
[home.comcast.net]
Lexxon
Luke Plunkett
Posted 12:36 PM 27/3/08
@munkah: We're a little beyond that stage now.
Luke Plunkett
KM91
Posted 12:36 PM 27/3/08
George Washington on his deathbed. Well Atari was one of the first pioneers of gaming. I guess we should mourn.
KM91
munkah
Posted 12:26 PM 27/3/08
@Ashurahori: Lots of good things like Unreal Tournament. So does this mean Atari is going broke or what?
munkah
Islandkiwi
Posted 12:05 PM 27/3/08
Well, I am one of those who recently purchased Atari stock. I figured either a) Infogrames would figure out what to do with Atari or b) Infogrames would simply buy up Atari's shares at a higher price than I paid for 'em.
a looks like it's not happening, so now we're onto b.
Islandkiwi
LittleBigPlaneteer
Posted 11:58 AM 27/3/08
@Sheen_Latrine:
That's a good thing. The Atari we know sucks major balls.
LittleBigPlaneteer
shorelinetrance
Posted 11:57 AM 27/3/08
haha that pic is perfect for this post, i nearly spit out my pepsi, but anyways.
they'll be back :D
shorelinetrance
Samos42
Posted 11:48 AM 27/3/08
Fitting that being Washington on his deathbed in that pic.
Samos42
lasttimeyouaskedme
Posted 11:39 AM 27/3/08
That pic is perfect for this post :)
lasttimeyouaskedme
HungryWolf AKA C of TeamChink.com
Posted 11:38 AM 27/3/08
About time. Seriously. I also don't understand for the life of me why Phil Harrison went to Atari. Did he really think it would be a better experience?
HungryWolf AKA C of TeamChink.com
Americo
Posted 11:33 AM 27/3/08
@Sheen_Latrine: and I feel fine.
Americo
Aethyr: Brawl. Add me.
Posted 11:33 AM 27/3/08
Sweet, death rattles. In other news, totally saw this coming.
Aethyr: Brawl. Add me.
excel_excel
Posted 11:33 AM 27/3/08
@Luke Plunkett: ah yeah thats right, as innovative and enjoyable as it was, it sold like crap :(
excel_excel
Luke Plunkett
Posted 11:27 AM 27/3/08
@Ashurahori: Last I checked review scores don't pay the bills, sales do :)
Luke Plunkett
deathbunny
Posted 11:26 AM 27/3/08
This is why I hate go. One man's atari is another man's korigatachi.
What a waste of moyo.
*alt tabs to wikipedia*
and... uh... they should have... had a sabaki.
*alt tabs again*
yeah. Sabaki.
deathbunny
DaveKap
Posted 11:24 AM 27/3/08
It isn't even the real "Atari" anymore anyway, it's just the name that some other company bought a long time ago. The Atari that was founded by Nolan Bushnell does not exist anymore and never will. Hopefully Atari can be eaten up and the brand name can finally Rest In Peace the way it was meant to years ago.
DaveKap
Seabass
Posted 11:22 AM 27/3/08
Paging Phil Harrison, Phil Harrison to the white courtesy phone please.
Seabass
kickass solo just got the RRoD :(
Posted 11:20 AM 27/3/08
DeathBed!
The bed that eats people...
kickass solo just got the RRoD :(
parad0x360
Posted 11:20 AM 27/3/08
Atari was on the right track with that new Test Drive game for 360. Its only issue was freakishly wierd controls that were neither sim nor arcade.
A second version with better controls and customization ala Forza 2 and you have a hands down winner of a racing game.
Of course 1 game isnt enough but maybe if they had that 1 game they could have afforded to spend more time and money on other titles.
parad0x360
Ashurahori
Posted 11:18 AM 27/3/08
What about Fahrenheit? Can't anyone remember the GOOD things that came out of Atari?
Ashurahori
excel_excel
Posted 11:18 AM 27/3/08
@TheFinalMario: Oh no, I totally agree, they did go to crap but they were still selling like crazy though
My thoughts: After seeing what Ubi-Montreal did with Naruto, I want them working on a Dragonball Z game next
excel_excel
TheFinalMario
Posted 11:15 AM 27/3/08
And I hope thay die for good for those DBZ games can stop.
TheFinalMario
TheFinalMario
Posted 11:14 AM 27/3/08
@excel_excel:Those games went to crap after Budokai 3. And they dont appeal to the mass market or have any real hype, not to mention that you only play the same story over and over again in a different way.
Budokai 1 Story mode, was just straight foward.
Budokai 2 Story mode was a Board game.
Budolai 3 Story mode... Not sure?
Tenkaichi 1? not sure
Tenkaichi, was a adventure feild, all you did was fly around to fights
But all you did was the same story.
TheFinalMario
Fyren
Posted 11:11 AM 27/3/08
Yea, I was surprised as well. I thought they were bringing in enough dough from the established franchise. They lost 12 million in the last quarter or so.
Fyren
PaulHunter
Posted 11:11 AM 27/3/08
Time to bury Atari shares in a New Mexican landfill.
PaulHunter
Ludwig
Posted 11:10 AM 27/3/08
Alone in the Dark? ..
Ludwig
clintonskneecap
Posted 11:08 AM 27/3/08
hasn't atari died like 4 times already? Every time I hear about Atari dieing it somehow comes back its like those local Furniture stores you see on t.v. with the Liquidation sales and their going out of buisness sales they do every year.
clintonskneecap
excel_excel
Posted 11:05 AM 27/3/08
I'm really confused, surely Atari made a killing with all those DBZ fighting games they published??
excel_excel
TheEngineer: Rocking the Goggles
Posted 11:05 AM 27/3/08
Itiots! Just start pumping out DBZ games as fast as you can. Hurry!
TheEngineer: Rocking the Goggles
Erwin
Posted 11:05 AM 27/3/08
Oh crap, will all my Atari stock be good still?
Erwin
Sheen_Latrine
Posted 11:03 AM 27/3/08
It's looking like the end of Atari as we know it...
Sheen_Latrine
npa190
Posted 4:00 PM 27/3/08
once the name was king, later crappy shovelware (TDU was a exception) now... RIP atari, we hardly knew ye...
npa190