Summary
This Form 8-K filing from Take-Two Interactive Software, Inc. (TTWO), dated November 6, 2006, primarily reports on a notice received from NASDAQ on November 2, 2006. The notice indicates that the company is not in compliance with NASDAQ's continued listing requirements, specifically regarding the timely solicitation of proxies and the holding of its annual shareholders meeting as mandated by Marketplace Rules 4350(e) and 4350(g). While this news could be a cause for concern, the company has proactively addressed the situation by issuing a press release on November 3, 2006, and has scheduled a meeting with the NASDAQ Listing Qualifications Panel. Take-Two intends to present its plan to regain compliance. Importantly, the company's shares will continue to trade under the ticker symbol TTWO on The NASDAQ Global Select Market pending the Panel's decision. Investors should monitor future communications from the company regarding the outcome of this panel review.
Key Highlights
- 1Take-Two Interactive Software, Inc. received a non-compliance notice from NASDAQ on November 2, 2006.
- 2The non-compliance is related to failure to meet filing requirements for continued listing, specifically concerning proxy solicitation and holding annual shareholder meetings.
- 3The company issued a press release on November 3, 2006, to disclose this notice.
- 4A meeting with the NASDAQ Listing Qualifications Panel has been scheduled to address the issue.
- 5Take-Two intends to present a plan to regain compliance with NASDAQ listing rules.
- 6The company's stock (TTWO) will remain listed on The NASDAQ Global Select Market pending the Panel's decision.
- 7This filing is classified under Item 3.01 (Notice of Delisting or Failure to Satisfy Continued Listing Rule or Standard).