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Saturday, Jun 3, 2023

Video Game Maker Not in Nasdaq Compliance

Video game publisher THQ, Inc. received a letter from Nasdaq that it is not in compliance to be listed on the Nasdaq Stock Market, the company announced Wednesday. The Agoura Hills-based firm anticipated the letter because it was late in filing its financial results for the second quarter of 2007 fiscal year that ended Sept. 30, the company said. THQ is requesting a hearing before a Nasdaq Listing Qualifications Panel, which will automatically stay delisting of the company’s common stock pending the panel’s review and determination. THQ intends to file its second quarter results as soon as possible following completion of a review of the company’s historical stock option grant practices by a special committee of the board. Preliminary financial numbers released by the company earlier in the month show a net income of $13 million, or $0.19 per diluted share, on revenues of $240 million for the second quarter. That is an increase over the net loss of $1.5 million, or a loss of $0.02 per diluted share, on revenues of $143 million for the same reporting period in 2005.

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