Oh man, things are looking really, really bad for THQ at the moment. Last week Friday a particularly angry, open letter was issued to THQ’s Board of Directors; that letter detailed the personal impressions and feelings of those THQ staff members who had lost their jobs. A few days later, it was revealed that THQ’s Asia-Pacific branches had also been hit with massive layoffs, essentially gutting THQ’s global staff.
The reasons for the publisher’s current financial quagmire are numerous: mismanagement, the uDraw Tablet disaster, investing in shoddy cash-in titles, you name it. Now, adding to THQ’s gradual disintegration is the fact that they have been threatened with Nasdaq delisting if they cannot revive their price per share.
As revealed last week, THQ’s stock prices have plummeted from more than $30 a share to $0.70 a share over the last four years. In order for a company to be listed on the stock exchange, its shares are not allowed to drop below the $1 price mark. THQ has until 23 July 2012 to raise their share price to over $1 and keep it there for no less than ten consecutive business days, otherwise the company will be delisted.