WPT faces possible NASDAQ delisting
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The World Poker Tour, a company in part responsible for the phenomenal growth of poker over the last decade, saw its recent woes mount this week with news that the company may possibly be delisted from the NASDAQ exchange.
WPT has faced numerous troubles this year, including sharply declining revenue and an uncertainty surrounding the future of the the broadcast home of the show.
In a statement regarding the NASDAQ issue, the company responded with the following:
WPT Enterprises, Inc. (NASDAQ:WPTE) today announced that the Company received a Nasdaq Staff Determination Letter on August 14, 2008, notifying the Company that it was not in compliance with the minimum stock listing price requirements of Nasdaq Marketplace Rule 4450(a)(5) as a result of the closing bid price for the Company’s common stock being below $1.00 for 30 consecutive business days. This notification has no effect on the listing of the Company’s common stock at this time. The Nasdaq Marketplace Rules provide the Company with 180 calendar days to regain compliance, which will require the bid price of the Company’s common stock to remain above $1.00 for a minimum of 10 consecutive business days. The Company will continue to execute its business plan to provide an opportunity to demonstrate value to the investment community and regain Nasdaq compliance.
