Everest Poker Co-Owner May Leave Stock MarketGigaMedia Stock Price Falls To Level Which Is Unacceptable By Nasdaq Stock Market |
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GigaMedia, co-owner of Everest Poker, has been told by the Nasdaq Stock Market it has until March next year to get its share price consistently over $1 or it will face de-listing from the stock exchange.
The company, which sold 60 percent of Everest Gaming to Mangas Gaming for over $100 million in 2010, received a letter on September 29 from Nasdaq alerting it to the fact that its share price had fallen below $1 for 30 consecutive days breaking the Minimum Bid Price Rule of the Nasdaq Global Market.
The company must now get its closing bid share price up to $1 or more for a minimum of 10 consecutive days before March 26,2012. If it fails its stock will be delisted from the market.
Earlier this year GigaMedia saw its poker revenue down 19 percent to $8.5 million in the second quarter of 2011 from $10.4 million in the first quarter of 2011.
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