THQ Inc. (NASDAQ: THQI) has seen things go from bad to worse. Much worse if you look just at stock prices. The company filed notice with the SEC this morning that it could be delisted from the NASDAQ over the “$1.00 rule.”
The company noted, “On January 25, 2012, THQ Inc. received a written notification from Nasdaq notifying the Company that it fails to comply with Nasdaq’s Marketplace Rule 5450 because the bid price for the company’s common stock, over the last 30 consecutive business days, has closed below the minimum $1.00 per share requirement for continued listing. The notification has no immediate effect on the listing of the Company’s common stock.”
THQ has the same rules as anyone else: a period of 180 calendar days (until July 23, 2012 in its case) to regain compliance with the Rule. If it is unable to regain compliance it can appeal any delisting notification. Unfortunately, unless things get remarkably better this sets the stage for a reverse stock split.
On a separate note, Standard & Poor’s announced that Post Holdings, Inc. (NYSE: POSTwi) will replace Comstock Resources, Inc. (NYSE: CRK) in the S&P MidCap 400 index, and Comstock Resources will replace THQ Inc. (NASDAQ: THQI) in the S&P SmallCap 600 index after the close of trading on Friday, February 3.
THQ is down 7.5% at $0.657 and the 52-week trading range is $0.63 to $6.53.