Failure to file reports puts firm at risk of expulsion
vnunet.com, 23 Jul 2007
Atari has received a delisting notice from the US Nasdaq market after failing to file its financial report for the fiscal year ending 31 March 2007.
The electronic entertainment company has made a "timely request" for a hearing with a Nasdaq qualifications panel to appeal against the notice.
Atari has not filed its Form 10-K because it is still determining what, if any, accounting entries it needs to make with respect to certain severance matters after cutting its workforce by 20 per cent in May this year.
Following a significant decline in the company's market capitalisation, Atari is expecting a greater than expected loss of $71.3m owing to a $54.1m impairment of goodwill charge.
The company added that it will endeavour to make this determination as quickly as possible and file its report prior to the hearing date.
Nasdaq has warned that, if does not file before the hearing, there can be no assurance that the panel will grant its request for continued listing.
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