No matter how great Saints Row: The Third was, there’s no denying that THQ, as a company, is in trouble. It's impossible to ignore.
The publisher has not been totally clear about its financial situation, but when Nasdaq sends a notice about being delisted, the result of company stock falling below $1.00 per share, trouble is afoot.
THQ received word from Nasdaq on January 25, according to a SEC filing disclosed this morning.
“On January 25, 2012, THQ Inc., a Delaware corporation (the “Company”)," reads the filing, "received a written notification from Nasdaq notifying the Company that it fails to comply with Nasdaq's Marketplace Rule 5450(a)(1) (the “Rule”) because the bid price for the Company's common stock, over the last 30 consecutive business days, has closed below the minimum $1.00 per share requirement for continued listing. The notification has no immediate effect on the listing of the Company's common stock.”
THQ has 180 calendar days (July 23, 2012) to regain compliance or face delisting. If THQ’s stock moves above $1.00 and remains there for at least 10 days, the company will be removed from the Nasdaq watch list. If the company faces true delisting, several options are available to THQ, including filing an appeal and possibly moving securities elsewhere.
“The Company will continue to monitor the bid price for its common stock and consider various options available to it if its common stock does not trade at a level that is likely to regain compliance,” concluded the SEC filing.
Yikes.