Acclaim Entertainment said Mon. it received notice from Nasdaq in...
Acclaim Entertainment said Mon. it received notice from Nasdaq indicating it was granted 180-day extension -- until Jan. 20 -- within which to regain compliance with minimum $1 bid price per share requirement of Nasdaq SmallCap Market. But Acclaim…
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said it was told that if it hadn’t demonstrated compliance with Marketplace Rule 4310 by Jan. 20, Nasdaq would determine whether it met initial listing criteria under rule. If company meets initial listing criteria, Nasdaq will notify it that it has additional 90 days in which to demonstrate compliance, Acclaim said. Acclaim would have right to appeal determination to Nasdaq Listing Qualification Panel but it admitted that “there can be no assurance that the company will regain compliance.” As company’s future on Nasdaq remains up in air, it continues to fight off lawsuits. It also faces SEC probe into revenue reporting of Acclaim and certain other game publishers (CED July 22 p4). Acclaim, meanwhile, continues to seek funding for its operations because of lack of capital and shortage of cash. One possible solution to latter problem, Acclaim said in preliminary proxy SEC filing earlier this month, would be sale of more stock and other securities -- issue that’s scheduled to be voted on at annual stockholders meeting Sept. 5 (CED July 23 p8). Same SEC filing revealed, among other things, that co-founder Gregory Fischbach would continue to receive former annual base salary of $775,000 until Aug. 2005 despite fact he stepped down as company’s CEO in June and held only his role as co-chmn.