THQ consolidates stock in NASDAQ delisting dodge
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THQ announced a 10-1 reverse stock-split today, a move designed to keep its share price above $1 and avoid being delisted from the NASDAQ.
The trick will reduce the amount of THQ shares from 68.5 million to 6.9 million.
THQ said in its statement today that the move is specifically designed to bring its share price above $1. As reported in January, THQ will be dropped from the NASDAQ if get its value above the threshold before July 23.
The publisher was threatened with the action as its share price fell below $1 and stayed there for more than 30 consecutive days.
THQ has had a difficult year, having seen Danny Bilson leaving the company, mass firings and Jason Rubin take over as president.