Stock markets are crashing and the global economic scene is worsening — and this may be good news for World Poker Tour Enterprises.
According to InfoPowa News, the WPT had been facing de-listing on the NASDAQ exchange because its stock price had fallen below the $1 level for thirty consecutive days. NASDAQ then issued a “de-listing caution,” giving the company 180 days to come right. The caution is in compliance with the stock exchange’s policy that holds that any entity that trades below one dollar for more than thirty consecutive days is not of sufficient financial importance to remain traded on the exchange.
After the sudden decline of markets around the world, though, NASDAQ has suspended this rule until January 19, 2009. The WPT, and others, now have more breathing space — until May 18, 2009 according to NASDAQ — to get back above the $1 level.