Atari Inc. Corporate History
On September 1, 2006, Atari Inc. announced that its stock faces delisting from NASDAQ since its price had fallen under $1.00. On September 5, 2006, David Pierce was appointed as new CEO of Atari, replacing Bruno Bonnell. Pierce previously worked as an executive at Universal Pictures, Metro-Goldwyn-Mayer, Sony Pictures Entertainment, Sony Music Entertainment, and Sony Wonder.
On October 2, 2006, Atari Inc. announced that it had sold off Shiny Entertainment to Foundation 9 Entertainment, which culminated in the completion of their strategic divesture.
On April 5, 2007, Bruno Bonnell resigned his position as chairman and chief financial officer.
On November 7, 2007, Gamespot reported that Atari was beginning to run out of money, losing two million in the first fiscal year of 2008 and announced that were selling the rights of the Test Drive game series for the Infogrames .
On March 6, 2008, Infogrames made an offer to Atari Inc. to buy out all remaining public shares for a value of US$1.68 per share or US$11 million total. The offer would make Infogrames sole owner of Atari Inc., making it a privately held company.
On April 30, 2008, Atari Inc. announced its intentions to accept Infogrames' buyout offer and merge with Infogrames.
On May 9, 2008, It was revealed that Nasdaq will be removing Atari from the Nasdaq stock market. Atari has stated its intentions to appeal the decision. Atari was notified of Nasdaq's final decision April 24, 2008 and the appeal hearing took place on May 1, 2008. Atari was expected to raise its value to $15 million USD from the period December 20, 2007 through to March, 2008. Atari received notice of its absolute delisting on September 12, 2008.
On October 11, 2008 Infogrames completed its acquisition of Atari, Inc., making it a wholly owned subsidiary.
Read more about this topic: Atari, Inc. (Atari, SA Subsidiary)
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