Stockholders of video game publisher THQ Inc. approved a reverse stock split of the company’s shares in a bid to raise the price-per-share and stave off a delisting from the NASDAQ exchange.
The reverse split will reduce the number of outstanding shares in the Agoura Hills-based company to 6.9 million from 68.5 million. Trading on a post-reverse split-adjusted basis will begin July 9.
The stock split is just one of several moves in recent months by THQ to improve its financial performance. Management changes included bringing on board a new president, Jason Rubin, and chief strategy officer, Jason Kay, as well as selling off its license to make games based on the Ultimate Fighting Championship franchise.
In January, THQ was notified of a possible delisting because its shares sold for less than $1 for a 30-day period. The company has until July 23 to get shares above $1.
Shares in THQ closed at $0.62 on June 29.
Mark R. Madler