Activision Receives Anticipated Notification of Potential Delisting from Nasdaq, Plans to Request Hearing
SANTA MONICA, Calif., Nov 15, 2006 (BUSINESS WIRE) -- Activision, Inc. (Nasdaq:ATVI) today announced that, on November 14, 2006, as expected, the Company received a Nasdaq Staff Determination Letter indicating that the Company is not in compliance with the filing requirements for continued listing set forth in Nasdaq Marketplace Rule 4310(c)(14) as a result of the Company's inability to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2006, and that the Company's common stock is therefore subject to delisting from the Nasdaq Global Select.
In accordance with Nasdaq procedures, Activision intends to request a hearing before the Nasdaq Listing Qualifications Panel within the time frame permitted by Nasdaq and to present that panel with a plan for making all required filings and regaining compliance with the Nasdaq filing requirements. There can, of course, be no assurance that the Nasdaq Listing Qualifications Panel will grant the request that the Company intends to make for continued listing on the Nasdaq Stock Market or that the Company will regain compliance with the Nasdaq filing requirements.
Activision intends to file its Form 10-Q as soon as practicable following the completion of the review of the company's historical stock option grant practices by the special sub-committee of independent members of Activision's board of directors.
About Activision
Headquartered in Santa Monica, California, Activision, Inc. is a leading worldwide developer, publisher and distributor of interactive entertainment and leisure products. Founded in 1979, Activision posted net revenues of $1.47 billion for the fiscal year ended March 31, 2006.
Activision maintains operations in the U.S., Canada, the United Kingdom, France, Germany, Italy, Japan, Australia, Scandinavia, Spain, the Netherlands and South Korea. More information about Activision and its products can be found on the company's World Wide Web site, which is located at www.activision.com.
Information of this press release that involves the Company's expectations, plans, intentions or strategies regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. In this report they are identified by words such as "intends," "plans" and similar expressions. These risks and uncertainties include, but are not limited to, the Company's ability to timely file required reports with the SEC and the possibility that the Company will be subject to delisting from the Nasdaq Global Select Market if it does not timely regain compliance with NASDAQ filing requirements or does not timely file periodic reports under the Securities Exchange Act of 1934 for future periods. Other factors that could cause actual future results to differ materially from current expectations include the risks identified in the Company's most recent Annual Report on Form 10-K and Current Reports on Form 8-K dated October 25, 2006 and November 6, 2006. The forward-looking statements in this release are based upon information available to the Company as of the date of this release, and the Company assumes no obligations to update any such forward-looking statement. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and may cause actual results to differ materially from our current expectations.
SOURCE: Activision, Inc.
Activision, Inc. Ashley Dyer, Sr. Manager, Corp Comm. 310-255-2548 adyer@activision.com or Kristin Southey, Vice President, Investor Relations 310-255-2635 ksouthey@activision.com
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