World Poker Tour Enterprises, the Nasdaq-listed company behind the poker tour of the same name, today announced it has received a Nasdaq Staff Determination letter warning it to comply with minimum stock price requirements.
The Nasdaq Marketplace Rules state that the bid price of the company’s common stock must remain above $1 for 10 consecutive business days. The letter came after the company’s common stock closing bid price had been $1 for 30 consecutive business days.
Recently, the company reported a net loss of $3.9 million in the second quarter of 2008, compared to a net loss of $3.3 million in the same period of 2007.
It has now 180 days to comply with the marketplace rules.
