Acclaim closer to NASDAQ delisting

Company says stock exchange has commenced delisting proceedings; on note of optimism, says it is close to securing new loans.

The news from Acclaim Entertainment cut both ways today. In various public filings with the Securities and Exchange Commission, the company stated that NASDAQ Stock Market regulators have begun delisting proceedings based on two facts: Acclaim's "inability to meet the minimum market capitalization continued listing requirements of the NASDAQ Small Cap Market, as set forth in Marketplace Rule 4310(c)," as well as its "failure to file its quarterly report on Form 10-Q for the period ended June 27, 2004."

News source: GameSpot

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