You can still purchase THQ stock, just not on the NASDAQ stock market.
The NASDAQ exchange decided to remove THQI stock from its public listing, according to a report from Gamasutra.
Publisher THQ recently filed for Chapter 11 bankruptcy protection as part of a process that will see the video game publisher’s assets moved to a new owner. This sent THQI stock into a tailspin until it was trading at just $.23 per share.
This made it easy for the nation’s second-largest stock exchange to remove THQ, since it has a guideline that demands stocks remain above $1 per share. THQ struggled to maintain the $1 minimum in May. The company issued a reverse stock split at that time, which reduced the total number of shares in circulation in order to raise the average price above that $1 threshold.
THQ stock is still available for purchase under the THQIQ symbol (which is the new symbol that replaced the now dormant THQI signifier) if you contact a current shareholder directly, but the NASDAQ won’t facilitate the sale.
Equity group Clearlake Capital is the entity vying to takeover THQ’s assets. Once THQ clears the bankruptcy proceedings, the settlement will divvy up the money Clearlake pays for the company among the shareholders and THQ’s creditors. The current value of the THQ stock is somewhat based on what the market believes each share will garner in the final settlement.
GamesBeat 2014 — VentureBeat’s sixth annual event on disruption in the video game market — is coming up on Sept 15-16 in San Francisco. Purchase one of the first 50 tickets and save $400!