No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of common stock will receive a cash payment in lieu of such fractional share based on the average closing price of the common stock on the NASDAQ Global Select Market for the five consecutive trading days immediately before the record date of the reverse stock split.The purpose of the reverse stock split is to raise the per share trading price of THQ’s common stock to regain compliance with the $1.00 per share minimum bid price requirement for continued listing of THQ’s common stock on the NASDAQ Global Select Market. As previously disclosed, in order to regain compliance with NASDAQ’s minimum bid price requirement, the common stock must have a minimum closing bid price of $1.00 per share for a minimum of 10 consecutive trading days. There can be no assurance that the reverse stock split will have the desired effect of raising the closing bid price of THQ’s common stock to above $1.00 per share to meet this requirement.
THQ Announces 1-for-10 Reverse Stock Split
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