WPT Enterprise Inc (the owner of the World Poker Tour) has just received confirmation from officials at NASDAQ that the shares will be delisted from one of the premier stock markets of worldwide investment scene unless the share prices has a serious push over the next 180 days. The move was triggered after the share price remained below $1 a share for 30 consecutive business days, in contravention of NASDAQ rules.
This has come at a very difficult time for WPT Enterprise Inc with news that a new CFO has been appointed by the name of Thomas Flahie. He has been given the job of resurrecting a business which has floundered of late despite a number of new initiatives and tournaments. Flahie has a track record for bailing out struggling companies, recapitalising their balance sheets and trying to grab some of the past glories.
The NASDAQ issue could be resolved if the new management can lift the price back above $1 for ten consecutive working days during the next 180 days. A delisting from NASDAQ would reduce future funding options for the group and see it disappear from one of the main stock markets of the world.
WPT Enterprise Inc (the owner of the World Poker Tour) has just received confirmation from officials at NASDAQ that the shares will be delisted from one of the premier stock markets of worldwide investment scene unless the share prices has a serious push over the next 180 days. The move was triggered after the share price remained below $1 a share for 30 consecutive business days, in contravention of NASDAQ rules.