THQ's controlling board has signed off on a ten-to-one reverse-split of the comapny's stock, most likely averting the company's potential NASDAQ de-listing. As of July 9th, the company will go from having 70 million shares of tradable stock to only seven million.
Back in January, the NASDAQ exchange told the publisher that they needed to raise their stock price above $1.00 for ten days straight by the end of this month, or the company would no longer be allowed to trade on the exchange. At that point, THQ's stock had already been trading for under a dollar for more than 30 days.
The reverse-split will raise the company's stock from $.60 to $6.20, putting the company well above the minimum value. That said, THQ isn't out of the woods yet. If the stock value drops below a dollar again within ten days of the consolidation, the company will still be de-listed.
THQ's next game, Darksiders II, is set to hit stores on August 14th.