--Atari, Inc. Shares to Trade on the Pink Sheets--
NEW YORK, May 8 /PRNewswire-FirstCall/ -- Atari, Inc. (Nasdaq: ATAR),
an interactive entertainment company, announced today that on May 7, 2008
it received a letter from The Nasdaq Stock Market stating that a Nasdaq
Listing Qualifications Panel has determined to delist Atari, Inc.'s
securities from the Nasdaq Global Market and will suspend trading of Atari,
Inc.'s shares effective on the opening of business on May 9, 2008. Atari,
Inc. plans to request a review from the Nasdaq Listing and Hearing Review
Council, which could alter or dismiss the Panel's determination. However,
such a request will not delay the suspension of trading. Atari, Inc. now
expects to be quoted on the Pink Sheets, an electronic quotation service
maintained by Pink Sheets LLC. The Pink Sheets allow continued trading of
securities of delisted companies. Atari, Inc. expects its common stock to
be traded on the Pink Sheets under the symbol "ATAR" or "ATAR.PK". Atari,
Inc.'s common stock may also be quoted on the OTC Bulletin Board(R), a
regulated quotation service for over-the-counter securities, provided one
or more market makers apply to quote Atari, Inc.'s securities.
As previously announced, on December 21, 2007, the Nasdaq Listing
Qualifications Department notified Atari, Inc. that, pursuant to Nasdaq
Marketplace Rule 4450(e)(1), unless the market value of Atari, Inc.'s
publicly held shares (which is calculated by reference to Atari, Inc.'s
total shares outstanding, less any shares held by officers, directors or
beneficial owners of 10% or more) maintained an aggregate market value of
$15.0 million or more for a minimum of 10 consecutive business days prior
to March 20, 2008, Atari, Inc.'s securities would be subject to delisting.
The value of Atari, Inc.'s publicly held shares did not reach that level
within the required period, and on March 24, 2008, the Nasdaq Listing
Qualifications Department notified Atari, Inc. that the Nasdaq Staff had
determined that Atari, Inc.'s securities were subject to delisting unless
Atari, Inc. requested a hearing before a Nasdaq Listing Qualifications
Panel. Atari, Inc. requested a hearing on March 27, 2008, which stayed the
delisting process until the hearing was held and the hearings panel
delivered a decision. The hearing was held on May 1, 2008. The Nasdaq
hearings panel thereafter ruled to proceed with the delisting process and,
effective May 9, 2008, Atari, Inc.'s common stock will no longer trade on
The Nasdaq Global Market. Atari, Inc. plans to request that the Nasdaq
Listing and Hearing Review Council review the Nasdaq hearings panel
decision.
Atari, Inc. announced on April 30, 2008 that it intends to merge with
its majority shareholder Infogrames Entertainment S.A. ("Infogrames") which
holds approximately 51.4% of Atari, Inc.'s common shares. Atari, Inc.
believes that its delisting from The Nasdaq Stock Market will not affect
the pending merger transaction.
About Atari, Inc.
New York-based Atari, Inc. (Nasdaq: ATAR) publishes and distributes
interactive entertainment software in the U.S. The Company's 1,000+
published titles distributed by the Company include hard-core, genre-
defining franchises such as Test Drive(R); and mass-market and children's
franchises such Dragon Ball Z(R). Atari, Inc. is a majority-owned
subsidiary of France- based Infogrames Entertainment SA (Euronext - ISIN:
FR-0000052573), an interactive games publisher in Europe. For more
information, visit http://www.atari.com.
Safe Harbor Statement
With the exception of the historical information contained in this
release, the matters described herein contain certain "forward-looking
statements" that are made pursuant to the Safe Harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements in this release are not promises or guarantees and are subject
to risks and uncertainties that could cause actual occurrences to differ
materially from those anticipated. These statements are based on
management's current expectations and assumptions and are naturally subject
to uncertainty and changes in circumstances. We caution you not to place
undue reliance upon any such forward-looking statements.
The Company undertakes no duty to update any forward-looking statements
to conform the statement to actual results or changes in the Company's
expectations.
SOURCE Atari, Inc.
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Related links:
http://www.ATARI.com
CONTACT:
Arturo Rodriguez, Atari, Inc.,
+1-212-726-4234, arturo.rodriguez@atari.com
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