Earlier in July, the then "troubled THQ" as it was fast becoming known carried out what financial folk call a "Reverse Stock Split" in order to avoid delisting on the NASDAQ tech-stock market. It worked.
A RSS to the rest of us is a "Stock Join" - basically if you have 10,000 shares on the market each costing 50p each, your company can combine these to 5,000 shares at £1. Okay, it's bit more complex than that - and THQ turned 68.5 million shares into approximately 6.9 million.
The reason for this was to ensure that the stock price remained over the minimum $1 threshold allowable for trading on the NASDAQ. It's just announced that:
"...it has received notification from NASDAQ that it has regained compliance with the minimum bid price rule for continued listing on The NASDAQ Global Select Market because the bid price of its common stock has closed at $1.00 per share or greater for at least 10 consecutive business days."
Source: THQ
A RSS to the rest of us is a "Stock Join" - basically if you have 10,000 shares on the market each costing 50p each, your company can combine these to 5,000 shares at £1. Okay, it's bit more complex than that - and THQ turned 68.5 million shares into approximately 6.9 million.
The reason for this was to ensure that the stock price remained over the minimum $1 threshold allowable for trading on the NASDAQ. It's just announced that:
"...it has received notification from NASDAQ that it has regained compliance with the minimum bid price rule for continued listing on The NASDAQ Global Select Market because the bid price of its common stock has closed at $1.00 per share or greater for at least 10 consecutive business days."
Source: THQ
Companies:
THQ
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