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I've had a problem with "journalists" that are supposed to be supporting certain things, writing articles that are geared towards supporting what they say they do, and in turn supporting something entirely different. Well this unnamed site I've referenced time and time again is IGN who's parent company is Snowball.
I'm happy to announce that Snowball, the parent company of IGN has been given notice by Nasdaq that their stock will be delisted for trading below $1.00 a share. What this means, essentially, is that Snowball got snowballed. All of these negatives that they represent, all of this false reporting, and all of this "We know better than you, see!" has come back at them 100 fold. Did Snowball see it coming? Sure they did. It's not like their stock price has been trading at half a dollar for a day or 2, but for many, many months.
Nasdaq notified Snowball on April 10, 2001 that its common stock is subject to delisting from the Nasdaq National Market for failure to comply with Marketplace Rule 4450(a)(5), requiring maintenance of a minimum bid price of $1.00 per share.
In retaliation, Snowball has requested a hearing before the Nasdaq Listings Qualification Panel to review Nasdaq's decision. This request will stay any delisting pending the panel's decision.
There can be no assurance that the panel will grant the company's request for continued listing. If the company's common stock ceases to be listed on the Nasdaq National Market, Snowball expects that its common stock would then be traded on the NASD Over-The-Counter Bulletin Board.
On top of their looming delisting from the publicly traded Nasdaq, Snowball announced that it has reduced its workforce by approximately 55 employees, or 33 percent.
"As we previously announced, we are committed to reducing our operating loss to achieve cash-flow breakeven by the end of 2001,'' said Mark Jung, Snowball's CEO.
We'll see Mark Jung, we'll see. I say, good ridens IGN and Snowball, you deserve exactly what you're getting.
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Digital Media Area
