Zoo Entertainment fails to remain on Nasdaq
Monday, 5th December 2011 at 10:08 am
More gloom for struggling publisher
Zoo Entertainment, the indie and mobile games publisher, has been delisted from the Nasdaq stock exchange after not honouring a 45-day warning.
In September, the stock exchange notified Zoo that it no longer met qualifications for listing, as Nasdaq-listed firms require a minimum of $2.5 million in stockholder equity.
The warning came days after Zoo notified investors of a 63 per cent year-on-year revenue decrease. CEO Mark Seremet said the Ohio company’s transition to becoming a digital-only publisher has been "rough".
“We remain very optimistic about our future and are ready to fully expand our new digital business," he added.
The company is currently embroiled in a class-action lawsuit for allegedly misleading investors with inaccurate income and earnings statements.
Zoo Publishing is the sponsor of indiePub Games, a community of independent video game developers. The company holds developer competitions with cash prizes and publishing deals on offer.
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