THQ retains NASDAQ listing as board approves reverse stock split
THQ will keep its NASDAQ listing following the approval of a reverse stock split by its controlling board. Last week, stockholders met and approved a 10-to-one reverse stock split, effectively consolidating THQ's nearly 70 million stock units to around 7 million, and bringing their value from around $0.62 to $6.20 apiece. THQ risked delisting from NASDAQ due to shares trading below $1 for nearly 30 days, the cutoff for retaining NASDAQ listing status.
The reverse split is set to go into effect on July 9 (next Monday). Initially, it will increase THQ's stock price well above the minimum $1 required, but it's unknown if that stock price will stay above $1 per share for 10 consecutive days – if it doesn't, THQ once again faces delisting.
The next game THQ plans to launch is Darksiders 2 for Xbox 360, PlayStation 3, and PC on August 14.
