GigaMedia Ltd. confirmed it received formal notice on Sept. 29 that it was in danger of being delisted. The letter from the Nasdaq Global Market came about a week after the company announced updated information on the free-to-play SpongeBob SquarePants massively multiplayer online game, Viacom’s first MMOG to be developed outside of the United States.
The caution said that for the previous 30 consecutive business days, the bid price of GigaMedia’s common stock closed below the minimum dollar per share. The Nasdaq letter has no immediate effect on the listing of the company’s common stock.
In accordance with relevant rule, GigaMedia now has 180 calendar days to maintain a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days. The company said it is evaluating available options to resolve the deficiency and regain compliance with the Minimum Bid Price Rule.
GigaMedia Ltd. is a provider of online entertainment software and services. Through its subsidiaries, GigaMedia develops and operates a suite of online games in Asia covering the regions of Greater China and Southeast Asia.