Atari has received another slap on the wrist from the American 'tech stock' exchange, NASDAQ, and has been told again that it could be delisted.
This time the company failed to file its quarterly report on Form 10-Q for the quarter ending June 30th and as such is not in compliance with Marketplace Rule 4310(c)(14). As a result, it has received a Staff Determination notice.
A Staff Determination notice, if you don't speak financial, is a notification telling a company that it hasn't done something relating to Form 10-Q.
According to the Securities and Exchange Commission (SEC), "The Form 10-Q includes unaudited financial statements and provides a continuing view of the company's financial position during the year. The report must be filed for each of the first three fiscal quarters of the company's fiscal year."
So, basically, that's a rather important document from the stock holders' point of view. The failure to file (a “deficiency”) serves as an additional basis for the company's delisting.
The word “additional” is used because Atari's already in bother with NASDAQ for failing to file its Annual Report on a form 10-K. Thanks to that earlier bout of failure, Atari already has a hearing for August 30th with the NASDAQ Listing Qualifications Panel.
Atari says it plans to get its 10-K form filed before then, with its 10-Q to follow shortly after.
No excuse has been given for its failure to do its paperwork this time round.
If Atari is delisted, its shareholders will be unable to trade its shares. Atari tells us, “There can be no assurance the Panel will grant Atari's request for continued listing.”
Ah well, at least it has its International Equestrian Federation games coming up.
This time the company failed to file its quarterly report on Form 10-Q for the quarter ending June 30th and as such is not in compliance with Marketplace Rule 4310(c)(14). As a result, it has received a Staff Determination notice.
A Staff Determination notice, if you don't speak financial, is a notification telling a company that it hasn't done something relating to Form 10-Q.
According to the Securities and Exchange Commission (SEC), "The Form 10-Q includes unaudited financial statements and provides a continuing view of the company's financial position during the year. The report must be filed for each of the first three fiscal quarters of the company's fiscal year."
So, basically, that's a rather important document from the stock holders' point of view. The failure to file (a “deficiency”) serves as an additional basis for the company's delisting.
The word “additional” is used because Atari's already in bother with NASDAQ for failing to file its Annual Report on a form 10-K. Thanks to that earlier bout of failure, Atari already has a hearing for August 30th with the NASDAQ Listing Qualifications Panel.
Atari says it plans to get its 10-K form filed before then, with its 10-Q to follow shortly after.
No excuse has been given for its failure to do its paperwork this time round.
If Atari is delisted, its shareholders will be unable to trade its shares. Atari tells us, “There can be no assurance the Panel will grant Atari's request for continued listing.”
Ah well, at least it has its International Equestrian Federation games coming up.
Companies:
Atari
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