Posted a few weeks ago detailing plans for THQ to do a reverse stock split, NASDAQ has now approve such plan.
Stockholders met and approved a 10-to-one reverse stock split, making have only 7 million stock units instead of 70 million. Now the stock value is around$6.20 apiece from $0.62. THQ was risking being delisting from NASDAQ due to shares trading below $1 for nearly 30 days, the cutoff for retaining NASDAQ listing status.
July 9 is when the reverse split is set to go into effect on. Now THQ has to stay above 1 dollar for 10 days but if it doesn’t it could face delisting once more.
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