THQ regains compliance with the NASDAQ minimum bid requirement.
THQ today announced it is once again compliant with the minimum bid price listing requirement for continued listing on the NASDAQ Global Select Market.
The firm states the bid price of its common stock closed at at least $1.00 per share for 10 consecutive business days - the requirement for NASDAQ's minimum bid price rule.
Earlier in the month THQ announced a 1-for-10 reverse stock split to raise the per share trading price of its common stock to meet this requirement.
At the beginning of July every 10 shares reverted into one share of stock and reduced the number of shares from 68.5 million to around 6.9 million. This was said to increase the company's value of stock and its earnings per share and appears so far successful.