The old proverb "It's an ill wind that blows nobody any good" found modern day application for World Poker Tour Enterprises last week as stock markets crashed and the global economic scene worsened.
The company had been facing de-listing on the Nasdaq exchange because pre-crisis its stock price had fallen below the $1 level for thirty consecutive days, resulting in a delisting caution from the exchange giving the company 180 days to come right.
Then came the sudden and precipitous decline on markets around the world, and Nasdaq sensibly suspended the $1/30 day rule until January 19 2009 to give everyone the opportunity of returning to some sort of stability and, dare we say it – sanity.
WPT therefore has more breathing space – until May 18 2009 according to Nasdaq – to get back above the $1 level for 10 consecutive days, albeit in a volatile and uncertain market.