THQ regains compliance with Nasdaq stock exchange
Troubled Saints Row
and Warhammer 40,000: Space Marine
publisher THQ received word today that it has regained compliance with Nasdaq's minimum bid price rule.
The Nasdaq stock exchange told THQ back in January
that the Saints Row
publisher had 180 days to raise its stock prices above the minimum threshold, or else it would be delisted.
In a move to say listed, the company and its stockholders approved a reverse split of its common stock
earlier this month, with the aim to reduce the total number of THQ's issued and outstanding common shares, which would lead to an increase in the price per share.
The reverse stock split went into effect on July 5 with a fixed ratio of 1-for-10. Now the Nasdaq has notified THQ that its common stock has closed at $1.00 per share or greater for at least 10 consecutive business days, hence THQ has now regained compliance.
While this move has staved off the threatened delisting, it's just one step in a very long road to recovery for the publisher. CEO Brian Farrell told Gamasutra
earlier this month that he plans to deliver better quality products to save the future of the company.