New York stock exchange NASDAQ has issued THQ with a delisting notice, warning the publisher that it will be removed from the market unless its share price improves.
As THQ's stock price has fallen below NASDAQ $1 minimum for 30 consecutive days, the exchange has provided the company with a 180 day deadline. In order to regain good standing, the publisher will need to see its stock price close at or above $1 per share for a period of ten straight days sometime between now and July 23.
Even if the company fails to meet that goal, delisting is not certain. THQ will still be able to appeal the decision before a hearings panel, or, should the prospects of success there look dire, the publisher could transfer onto the NASDAQ Capital Market, which would grant them an additional 180 days to boost their stock price over the minimum requirement.
At the time of press, THQ's stock price is hovering around $.67, down 4% on the day.
This development is the latest in a long line of bad turns for THQ. While rumors that the publisher was cancelling its entire 2014 lineup proved to be false, they later announced that a massive restructuring was underway, leading to the cancellation of all kid-friendly projects and a series of sizeable layoffs.
On February 2, the company will attempt to reassure investors that the new direction will lead to profitability during its third-quarter 2012 financial call.
