Atari, Inc , an interactive entertainment company, announced that it has received a Nasdaq Staff Determination stating that, because it did not file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 within the prescribed time period, it is not in compliance with Marketplace Rule 4310(c)(14) and that such deficiency serves as an additional basis for delisting its securities from the Nasdaq Global Market. Receipt of the Determination does not result in immediate delisting of Atari’s common stock.
Atari has previously made a request for a hearing with The Nasdaq Listing Qualifications Panel to appeal the Nasdaq Staff’s Determination with respect to its delinquency in filing its Annual Report on Form 10-K and has a hearing date of August 30, 2007. The Panel will consider both deficiencies at that time. The hearing request stayed any delisting pending the Panel’s decision. Atari has not filed its Form 10-K because it is still determining what, if any, accounting entries need to be made with respect to certain severance matters.
Atari cannot determine its first quarter results until the prior year-end results are final. Atari will endeavor to make that determination as quickly as possible and therefore file its Form 10-K prior to the hearing date and its Form 10-Q as promptly as possible thereafter. There can be no assurance the Panel will grant Atari’s request for continued listing.
