THQ share price rallies 2 months before deadline

THQ share price rallies 2 months before deadline
Craig Chapple

By Craig Chapple

May 2nd 2012 at 5:24PM

Beleaguered publisher must trade above $0.99 for ten consecutive days before July 23rd

Share prices at THQ have rallied to $0.67 sparking hope that it may beat the threat of a Nasdaq delisting.

The company was given until July 23rd to turn round its fortunes after shares at the company traded below the $1 threshold for more than 30 days in January.

THQ must trade above the amount for ten consecutive days, although the company can appeal the decision to give it extra time.

Despite hitting an all time low on April 17th, with shares closing $0.45, the embattled publisher’s value has since steadily risen.

THQ recently announced it was confident of its future after sales for the end of the last fiscal year had “exceeded sales estimates”. The company said it now aniticipates it will report non-GAAP sales of between $160 to $170 million, up on prior estimates of $130 to $150 million.

The better than expected results were put down to strong sales of Saints Row: The Third, which shipped more than four million units, and “higher than expected” digital sales.

The publisher is also pushing ahead with its 17 game rescue plan, which includes the upcoming Darksiders II, South Park: The Game and Homefront 2.