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Firm’s stock could be delisted

Thursday, Aug. 22, 2002 | 11:30 a.m.

Las Vegas-based slot maker Innovative Gaming Corp. of America has been notified by Nasdaq that its stock will be delisted from the technology exchange today. But the company said it has requested a hearing with Nasdaq that will delay the delisting process.

The company failed to meet a requirement by Nasdaq in February that the company's stock maintain a closing bid price of $1 per share for at least 10 consecutive days by Aug. 13.

Stocks whose bid prices fall below $1 per share for at least 30 consecutive days can be removed from the exchange.

A previously announced 10-for-1 reverse stock split, as well as improved performance and pending financing, will help the stock's trading price, the company said.

But, the company added, "there can be no assurance that the Nasdaq Hearing Panel will grant the company's request for continued listing."

The company said it was informed by Nasdaq that it also failed to comply with exchange rules regarding minimum stockholder equity and independent director and audit committee requirements.

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