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Nasdaq warns that delisting a possibility for WPTE
The tough time that World Poker Tour Enterprises Inc is currently going through could have repercussions in terms of the firm's Nasdaq listing; if a daily closing share price under $1 continues to be experienced over thirty consecutive business days, the American exchange can force a delisting.
WPT announced this week that it had received a Nasdaq Staff Determination Letter on August 14 warning the company that it is not in compliance with the minimum stock listing price requirements.
"This notification has no effect on the listing of the company's common stock at this time," WPTE emphasised in a press release.
WPTE has 180 calendar days to regain compliance, which means that its common stock must remain above $1 for a minimum of 10 consecutive days.
"The company will continue to execute its business plan to provide an opportunity to demonstrate value to the investment community and regain NASDAQ compliance," the WPTE statement advised.
Earlier this month the company released a disappointing revenue report for the second quarter of the year (see previous InfoPowa report). The company saw another drop in its revenue from $7.7 million in the second quarter of 2007 to $5.1 million in the same period this year.
According to the WPTE the losses were primarily a result of a drop in domestic television licensing fees, which resulted from lower per-episode license fees under the GSN agreement compared to the previous Travel Channel deal in 2007, together with a decline in hosting and sponsorship revenues. The company has also struggled with its online poker operations following software changes.
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Gambling News :
Wanajump Launches -
#Wanajump Spanish online and land gambling operator Grupo R. Franco appears to be emulating the William Hill group, announcing this week that it is to begin a start-up accelerator program for innovative entrepreneurs, which it has titled Wanajump.
Coral Launches player proposition betting product -
Digital Sports Tech, a business-to-business software provider of sports betting solutions, has signed a deal with UK online and land sports betting operator Coral to provide an innovative player proposition betting product.
Oshi online casino now accepts fiat currencies -
The Oshi online casino, which started just a year ago as a Bitcoin-denominated operation, has described its expanded activity in a statement this week, noting that in addition to Bitcoin it now accepts fiat currencies and has added new game providers to its roster of suppliers.
New Standards for UK Online Gambling -
Online gambling service and technology providers, along with operators and testing agencies will be studying the new gambling software and technical standards proposal published by the UK Gambling Commission following a public consultation.
Pennsylvania Gambling Bill 1887 returned with additions -
The interaction between the Pennsylvanian House and the state Senate has become increasingly like watching a game of ping pong as the two political establishments wrestle with online gambling legalization and court-ordered tax fixes in the dying days of the current political season.
Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
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