-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B970IrWhJFiXu07h5HMBtJYOfT2sZOsQtRYjrJNpoBJNKsEL5pJ55cM2mRu25/AX bhhHrz73C8MBKLsPUN0+Pg== /in/edgar/work/20000601/0000889812-00-002630/0000889812-00-002630.txt : 20000919 0000889812-00-002630.hdr.sgml : 20000919 ACCESSION NUMBER: 0000889812-00-002630 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000530 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000601 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ACCLAIM ENTERTAINMENT INC CENTRAL INDEX KEY: 0000804888 STANDARD INDUSTRIAL CLASSIFICATION: [7372 ] IRS NUMBER: 382698904 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-16986 FILM NUMBER: 647600 BUSINESS ADDRESS: STREET 1: ONE ACCLAIM PLAZA CITY: GLEN COVE STATE: NY ZIP: 11542 BUSINESS PHONE: 5166565000 MAIL ADDRESS: STREET 1: OEN ACCLAIM PALZA CITY: GLEN COVEY STATE: NY ZIP: 11542 FORMER COMPANY: FORMER CONFORMED NAME: GAMMA CAPITAL CORP DATE OF NAME CHANGE: 19880608 8-K 1 0001.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION\ Washington, D.C. 20549 ----------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) May 30, 2000 ------------ ACCLAIM ENTERTAINMENT, INC. --------------------------- (Exact name of registrant as specified in its charter) Delaware -------- (State or other jurisdiction of incorporation) 0-16986 38-2698904 ---------------------------------- (Commission File Number) (IRS Employer Identification Number) One Acclaim Plaza, Glen Cove, New York 11542-2708 ------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (516) 656-5000 -------------- Page 1 of 5 pages Exhibit Index located on page 4 ITEM 5. OTHER EVENTS Acclaim Entertainment, Inc. (the "Company") has determined that it will file an appeal in connection with the Nasdaq staff's recent decision to delist the Company's securities from the National Market. The Company's request for an appeal of Nasdaq's decision will suspend the delisting process pending resolution of that appeal. By letter dated April 27, 2000, the Nasdaq Stock Market, Inc. ("Nasdaq") informed the Company that based upon a review of the Company's Quarterly Report on Form 10-Q for the period ended February 29, 2000, the Company did not meet the $4 million net tangible assets requirement for continued listing on the Nasdaq National Market under Maintenance Standard 1, and that the Company's securities would be delisted from quotation on the Nasdaq National Market following further Nasdaq procedures. In addition, the Company is currently not in compliance with the $5 minimum bid price for continued listing on the Nasdaq National Market under Maintenance Standard 2. Nasdaq requested the Company to present a plan for achieving compliance with the listing requirements of the Nasdaq National Market. On May 15, 2000, the Company provided Nasdaq with information regarding its plan to achieve compliance, and requested an extension of the potential commencement of the delisting process. On May 26, 2000, the Company provided Nasdaq with additional supporting documentation in respect of its request. By letter dated May 30, 2000, Nasdaq staff informed the Company that it had denied the Company's request for an extension and for continued listing on the Nasdaq National Market and had determined to delist the Company's securities from the National Market effective at the opening of business on June 8, 2000. The Nasdaq staff also indicated the Company could submit an application to have its securities listed on the Nasdaq SmallCap Market; the Company currently qualifies for listing on the Nasdaq SmallCap Market. The Company is currently evaluating various alternatives to present to the Nasdaq Listing Qualifications Panel, including a reverse stock split. The Company believes that this action should result in an increase of the bid price for the Company's common stock to over $5.00 which is Nasdaq's stated minimum bid price for shares on the National Market under Maintenance Standard 2; the Company currently meets all other requirements for continued listing on the National Market under Maintenance Standard 2. The Company is unable to predict whether any appeal would be successful. If the appeal is unsuccessful, the Company's common stock would be removed from listing on the Nasdaq National Market. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits: 99.1 Acclaim Entertainment, Inc. Press Release, dated June 1, 2000. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACCLAIM ENTERTAINMENT, INC. By: /s/ Gregory E. Fischbach -------------------------------------- Name: Gregory E. Fischbach Title: Chief Executive Officer Date: May 31, 2000 EXHIBIT INDEX Document Page No. 99.1 Acclaim Entertainment, Inc. Press Release, dated June 1, 2000. 5 EX-99.1 2 0002.txt PRESS RELEASE Exhibit 99.1 ACCLAIM ENTERTAINMENT, INC. NEW RELEASE GLEN COVE, N.Y. - ENTERTAINMENT WIRE - June 1, 2000. Acclaim Entertainment, Inc. (Nasdaq: AKLM) reported today that it will file an appeal in connection with the Nasdaq staff's recent decision to delist Acclaim's securities from the National Market. Acclaim's request for an appeal of Nasdaq's decision will suspend the delisting process pending resolution of that appeal. On May 30, 2000 Acclaim received notification from Nasdaq that because Acclaim does not currently meet the net tangible asset requirement for continued listing on the Nasdaq National Market under Maintenance Standard 1, Acclaim's securities would be delisted from the National Market effective at the opening of business on June 8, 2000. In addition, the Company is currently not in compliance with the $5 minimum bid price for continued listing on the Nasdaq National Market under Maintenance Standard 2. The Nasdaq staff also indicated Acclaim could submit an application to have its securities listed on the Nasdaq SmallCap Market; Acclaim currently qualifies for listing on the Nasdaq SmallCap Market. The Company is currently evaluating various alternatives to present to the Nasdaq Listing Qualifications Panel, including a reverse stock split. The Company believes that this action should result in an increase of the bid price for the Company's common stock to over $5.00 which is Nasdaq's stated minimum bid price for shares on the National Market under Maintenance Standard 2; the Company currently meets all other requirements for continued listing on the National Market under Maintenance Standard 2. The Company is unable to predict whether any appeal would be successful. If the appeal is unsuccessful, Acclaim's common stock would be removed from listing on the Nasdaq National Market This press release contains forward-looking statements. There are certain important factors that could cause results to differ materially from those anticipated by the statements made above. Such risks and uncertainties include, among other things, the rate of growth of the installed base of the next generation gaming and PC systems, the timely availability and acceptance of Acclaim's future products for such systems, the timing of the introduction of next generation systems, the Company's ability to develop successful products for those systems, the competitive environment in the consumer software and related industries, the management of inventories and operating overheads and the related impact upon liquidity should any of these risks occur. These and other risks and uncertainties are detailed from time to time in Acclaim's reports filed with the Securities and Exchange Commission. Background Information: Acclaim is a worldwide developer, publisher and mass marketer of software for use with interactive entertainment platforms including Nintendo, Sony Computer Entertainment America and Sega hardware systems, and PCs. Acclaim owns and operates five software development studios located in the U.S. and the U.K. where it develops its own software, and a motion capture studio in the U.S. Acclaim distributes its software directly in North America, the U.K., Germany, France, Spain and Australia. Acclaim also distributes software developed and published by third parties and develops and publishes strategy guides relating to its software and comic book magazines. For more information, please visit our website at http://www.acclaim.com. -----END PRIVACY-ENHANCED MESSAGE-----