With less than a month left before the threat of NASDAQ de-listing becomes very real, THQ has its hand forced.
THQ’s 180 days to raise its stock price back over the better side of $1 are almost up. Back in May, we reported that THQ had an investors meeting to formulate a reverse stock split option lest the company’s stock fortunes not turn upwards. Now, with less than a month away from de-listing, THQ has no choice but to go through with the reverse stock split option.
The company’s board of directors has decided upon a 1-for-10 reverse stock split, to be effective on July 5th.
THQ has to now sustain at least ten consecutive days of trading in order to avoid NASDAQ de-listing.