THQ on July 5 went with its plans to do a reverse stock split in order to regain compliance with the Nasdaq stock exchange. Every 10 shares was turned into just one. The stock since than has remained above the $1 minimum for 10 consecutive days in order for the company to not be delisted.
This is the first bit of good news for the troubled publisher. The troubles began in January with the first news that the company may be delisted from the Nasdaq stock exchange. In the beginning of February THQ announced that it will be laying off 240 of its staff, as well as the CEO cutting his salary in half. The company also announced at the same time that it had lost $55.9 million. THQ laid off another 118 employees at the end of March.