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WPTE Now Has Until May to Increase Stock Price

WPTE Ends Partnership with CryptoLogic, Will Close WPT Gaming Site


World Poker Tour Enterprises is getting a minor reprieve from NASDAQ and won’t be delisted from the stock exchange until May 18, at the earliest . WPTE faced delisting as early as January because its stock price has spent 30 consecutive days trading at less than $1.

By NASDAQ rules, companies whose stock cannot cross the $1 barrier for at least 10 consecutive days after spending a month below $1 face delisting. WPTE was warned on Aug. 14 that it had 180 days to get its stock above $1.

But because of the current financial crisis, NASDAQ suspended this rule for all companies until Jan. 19, and granted an extension to WPTE to comply until mid-May.

The WPTE stock price hasn’t gotten close to the $1 minimum since the warning and currently trades at around 40¢.

WPTE also announced that it ended its contract with gaming software publisher CryptoLogic and will no longer operate its World Poker Tour-branded online gaming site after Nov. 14. The company gave no reason for this decision, and when contacted, said it was withholding comment until a company-approved statement was drafted.

Tags: poker law