Monday, Feb. 5, 2001 | 11:15 a.m.
Acres Gaming Inc. said Sunday it has been informed that it will be delisted from the Nasdaq exchange on Feb. 12
The Las Vegas company faces delisting because it does not have $2 million in net tangible assets, a requirement for listing on the exchange. Acres has until Feb. 9 to request a hearing on the matter.
Acres said it plans to immediately ask for this hearing, which will delay its delisting until a review can be completed. If the company is not successful in stopping the delisting, Acres' shares would trade over-the-counter.
"We are disappointed that the Nasdaq has taken this action at a time when the company's business has improved and we have the largest backlog in our history," said Acres Chairman and Chief Executive F.W. Glisson. "We are hopeful that the review panel will grant the company's request for a continued listing."
In midday trading Acres traded at $1.75, down 38 cents.