NEWS - Wednesday, August 25, 2004

More Problems For Acclaim

Aug. 23 Acclaim Entertainment, Inc. (Nasdaq: AKLM - News), announced today that the extension agreement with its primary lender, GMAC Commercial Finance LLC ("GMAC CF"), to extend GMAC CF’s previously announced termination of the Company’s credit facility, expired on August 20, 2004. The Company is in negotiations with a new proposed lender seeking to replace the GMAC CF credit facility. The replacement of the GMAC CF facility will be subject to the execution and delivery of definitive legal documentation by the Company, GMAC CF and the new lender; provided that there can be no assurance that the new lender will consummate the proposed transaction. Pending the outcome of these negotiations, GMAC CF has agreed to refrain from exercising its remedies against the Company. If these negotiations are unsuccessful and GMAC CF exercises its remedies, then the Company would be forced to seek the protection of the bankruptcy laws. In addition, the Company announced today that it had received notice from the Nasdaq Stock Market that delisting proceedings had been initiated against the Company due to the Company’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)(2)(B)(ii), and the Company’s failure to file its quarterly report on Form 10-Q for the period ended June 27, 2004, as required by Marketplace Rule 4310(c)(14). The Company intends to appeal Nasdaq’s delisting decision and expects to regain compliance as a timely filer once it files its Form 10-Q with the Securities and Exchange Commission, as soon as possible. During the appeal process with Nasdaq, the Company’s securities will continue to trade on the Nasdaq Small-Cap Market pending a final determination. In the event that the Company’s securities are delisted from The Nasdaq Stock Market, then the Company’s securities will be reported on the OTC Bulletin Board(R)(OTCBB) so long as two or more broker/dealers make a market in the Company’s securities and the Company becomes current and continues to remain current with its filings with the Securities and Exchange Commission. The company said in a statement last night that it will be filing its results with the SEC shortly, and will begin appeal proceedings against the NASDAQ delisting. It hopes to regain compliance with the market’s rules "as soon as possible" following the results filing.


Site Statistics

Registered Members: 43,985
Forum Posts: 725,147
Xbox One Titles: 657
Xbox 360 Titles: 1,084
Xbox 360 Kinect Titles: 95
Xbox 360 Arcade Titles: 583
Xbox Titles: 847
Staff Reviews: 1,449
Member Reviews: 10,339
News Articles: 13,092
Screenshots: 28,876
Xbox 360 Achievements: 45,112
Xbox 360 Faceplates: 2,016
Cheat Codes: 1,706

Latest News

See News Archives

Community Forum Activity

Games with Gold for November - Count me in
Post by TheOutcast-XBA
1 Replies, 50 Views

Xbox One Edition Limitee Borderlands The Handsome Collection
Post by oryanphine
1 Replies, 53 Views

Xbox One Edition Limitee et controllers
Post by oryanphine
3 Replies, 81 Views

GOW 4 Horde Credit and XP Earn Rate Updates
Post by Nato King
1 Replies, 83 Views

Post by Nato King
1 Replies, 73 Views

Red Dead Redemption 2 releasing Fall 2017
Post by Nato King
5 Replies, 125 Views

Xbox One S Protoype Zebra
Post by oryanphine
3 Replies, 171 Views

Xbox One South Korea Edition Limitee Mother Pearl
Post by oryanphine
1 Replies, 108 Views

Xbox One Official China Edition limitee Lunar New Year Monkey 2016
Post by oryanphine
2 Replies, 122 Views

Xbox Play Anywhere Set up.
Post by Nato King
6 Replies, 189 Views

CONTEST! Win a copy of Worms W.M.D.!
Post by Variation-XBA
9 Replies, 366 Views

The Gears of War 4 Live Broadcast Airs Today
Post by Nato King
7 Replies, 222 Views

Post by Nato King
9 Replies, 269 Views

Spoiler: First 12mintues of Battlefield 1
Post by Nato King
9 Replies, 258 Views

Custom Xbox Addict Controller!
Post by Variation-XBA
8 Replies, 331 Views

© 2000-2016 - All rights reserved. All trademarks are properties of their respective owners.
Xbox is a registered trademark of Microsoft. is not affiliated with Microsoft.

Made in Canada
Site Design by Cameron Graphics