8-KSecurities & ListingExhibits & Filings

TAKE TWO INTERACTIVE SOFTWARE INC 8-K Report, Listing Notice (Sep 21, 2006)

Filed September 21, 2006For Securities:TTWO

Summary

Take-Two Interactive Software, Inc. (TTWO) filed an 8-K on September 21, 2006, to report receiving a written Staff Determination letter from The NASDAQ Stock Market on September 19, 2006. The company is not in compliance with NASDAQ Marketplace Rule 4310(c)(14) due to the failure to file its Quarterly Report on Form 10-Q for the period ended July 31, 2006. This delay is attributed to an ongoing internal investigation by a Special Committee of the Board of Directors concerning the company's stock option grants.

Key Highlights

  • 1Received notice from NASDAQ indicating non-compliance with listing rules due to failure to file Q2 2006 Form 10-Q.
  • 2The non-compliance stems from an ongoing internal investigation into stock option grants.
  • 3Securities will remain listed on NASDAQ Global Select Market pending a hearing.
  • 4The company intends to request a hearing before a NASDAQ Listing Qualifications Panel to challenge the delisting determination.
  • 5Filing of the Form 10-Q is contingent on the conclusion of the internal investigation and subsequent accounting review by the company and its auditors.
  • 6A press release dated September 21, 2006, was issued to disclose this information.

Frequently Asked Questions

The company is not in compliance because it has not filed its Quarterly Report on Form 10-Q for the period ended July 31, 2006. This delay is due to an ongoing internal investigation into the company's stock option grants.

No, the company's common stock will remain listed on The NASDAQ Global Select Market pending a decision by a NASDAQ Listing Qualifications Panel. The company plans to request a hearing to address the determination.

The company intends to file its Form 10-Q for the period ended July 31, 2006, as soon as practically possible after the Special Committee concludes its investigation and the company and its independent auditors complete any related accounting review.

The internal investigation, conducted by a Special Committee consisting of independent members of the Board of Directors, concerns the company's stock option grants.