Wanna by some shares?
According to a letter sent by the ‘tech-heavy’ NASDAQ to Atari (see our report here ), Atari has one day left to prove itself before being delisted.
Atari was told by letter that, following the reverse split (on January 4th when 10 shares then valued at $0565 became one share valued at $5.65 per share), its shares must trade above $1.00 for ten days ending on or before January 18, 2007 to prevent it getting de-listed. Given that the company’s pre-reverse-split 52-week low price was $0.46 things had been looking dangerous.
However, the chance of the game-maker seeing its shares dropped from NASDAQ verges on the impossible right now. SPOnG checked the price today and the shares been trading at well above the threshold. Of course this also has a lot to do with the fact that there are now ten times fewer shares on the market indicating a successful reverse split.
The company which, since January 4th reverse split, has been quoted under the NASDAQ ‘symbol’ ATARD rather than its previous ATAR, saw its last traded share (on the 16th of this month) selling for $5.86, a slight rally from its last quoted pre-split price. In fact, since January 4th, the lowest price you would have paid was just under $5.05.
Frankly, in order to have traded for under the $1 mark after the reverse-split, nearly every single shareholder would have needed to sell – and in this event, SPOnG would have bought as many as we could afford, because we like the logo – and of course DragonBall Z and possibly Driver – Parallel Lines.
So, all’s safe for Atari – at least as far as its NASDAQ listing is concerned.
Atari was told by letter that, following the reverse split (on January 4th when 10 shares then valued at $0565 became one share valued at $5.65 per share), its shares must trade above $1.00 for ten days ending on or before January 18, 2007 to prevent it getting de-listed. Given that the company’s pre-reverse-split 52-week low price was $0.46 things had been looking dangerous.
However, the chance of the game-maker seeing its shares dropped from NASDAQ verges on the impossible right now. SPOnG checked the price today and the shares been trading at well above the threshold. Of course this also has a lot to do with the fact that there are now ten times fewer shares on the market indicating a successful reverse split.
The company which, since January 4th reverse split, has been quoted under the NASDAQ ‘symbol’ ATARD rather than its previous ATAR, saw its last traded share (on the 16th of this month) selling for $5.86, a slight rally from its last quoted pre-split price. In fact, since January 4th, the lowest price you would have paid was just under $5.05.
Frankly, in order to have traded for under the $1 mark after the reverse-split, nearly every single shareholder would have needed to sell – and in this event, SPOnG would have bought as many as we could afford, because we like the logo – and of course DragonBall Z and possibly Driver – Parallel Lines.
So, all’s safe for Atari – at least as far as its NASDAQ listing is concerned.
Companies:
Atari
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Comments
DoctorDee 18 Jan 2007 10:54
1/1
Why don't they just call a 'reverse-split' a 'join'. I mean, so they call a 'buy' a 'reverse sell', to 'long' to 'reverse short'?
In line with my campaign to popularise the universal negator, I think a split should be an unjoin.
In line with my campaign to popularise the universal negator, I think a split should be an unjoin.