+frankodragon Posted March 27, 2019 Share Posted March 27, 2019 1 Link to comment Share on other sites More sharing options...
toddtmw Posted March 27, 2019 Share Posted March 27, 2019 I'm glad I didn't agree to whitewash Tom Sawyer's fence! This is just so stupid. What can this thing possibly do that all of the emulators out there already do better and cheaper. Buy a Raspberry Pi and call it a day! 5 Link to comment Share on other sites More sharing options...
JBerel Posted March 27, 2019 Share Posted March 27, 2019 (edited) How did those dingleberries even get listed on NASDAQ anyway? Nasdaq doesn't list companies like that trash and will delist any with a value under a dollar. From NASDAQ: listed companies are required to: Maintain a share price over $1.00 Maintain a $1 million valuation for all publicly held shares Have a minimum number of stockholders as low as 300, but varies depending on the type of listing Maintain a minimum amount of stockholder's equity or minimum market value of all listed securities or produce net income above a specified minimum Distribute annual reports to shareholders Have a majority of independent directors on the company's board Have an audit committee consisting solely of independent directors Adopt a code of conduct applicable to all directors, officers, and employees Hold an annual meeting of shareholders Disclose all "material news" defined as information that would reasonably be expected to affect the stock's value or influence investors' decisions Pay annual listing fees, which range from $32,000 to $155,000 If any of these, or any other published requirements of the NASDAQ, are not met for a period of 30 consecutive days, the exchange can start delisting procedures. Deficiency notice If a company is in violation of the continued listing standards for a period of 30 consecutive days, the NASDAQ sends a "deficiency notice." The most common reasons for a deficiency notice are a share price that falls below $1.00 or a market cap that falls below the stated minimum (as low as $5 million if other requirements are satisfied). Once a deficiency notice has been sent, the company has 90 days to comply with the continued listing standards, or 180 days if the violation was for a sub-$1.00 share price. In order to be compliant, the company's share price or market cap must rise above the minimum for at least 10 consecutive days in the 90-day (or 180-day) period. Never mind, I see. It's a dodge. They aren't listed on the NASDAQ exchange at all. https://business.nasdaq.com/list/international-designation On second read...they don't even meet the international designation requirements because their average daily volume is too low. You can see they've been making transactions to try and keep the volume sufficient to stay listed, but for this year, they are not doing it. Even with such a pitifully low value stock, their trading volume doesn't warrant listing even on the international designation which exists primarily as a marketing tool. It's pretty clear their own weasels were buying and selling tens of thousands of shares late last year to stay within the requirements. Nasdaq International Designation Requirements Initial and Continued Designation Companies must meet all of the criteria under at least one of the four columns Just saw this also... Must satisfy for continued designation only. for new ADR shares there is not a volume requirement for the first 12 months. That would suggest they get to be on for the first year and must have an average daily volume over 1000 after that. They just got listed October 12th so either their stock gets really popular in 7 months, or Fred will have to get busy selling and rebuying about 30,000 of his penny stocks every few months. It doesn't look like paying for the international listing did anything for their volume or stock price. Edited March 27, 2019 by JBerel 6 Link to comment Share on other sites More sharing options...
Lodmot Posted March 27, 2019 Share Posted March 27, 2019 How did those dingleberries even get listed on NASDAQ anyway? Nasdaq doesn't list companies like that trash and will delist any with a value under a dollar. From NASDAQ: listed companies are required to: Maintain a share price over $1.00 Maintain a $1 million valuation for all publicly held shares Have a minimum number of stockholders as low as 300, but varies depending on the type of listing Maintain a minimum amount of stockholder's equity or minimum market value of all listed securities or produce net income above a specified minimum Distribute annual reports to shareholders Have a majority of independent directors on the company's board Have an audit committee consisting solely of independent directors Adopt a code of conduct applicable to all directors, officers, and employees Hold an annual meeting of shareholders Disclose all "material news" defined as information that would reasonably be expected to affect the stock's value or influence investors' decisions Pay annual listing fees, which range from $32,000 to $155,000 If any of these, or any other published requirements of the NASDAQ, are not met for a period of 30 consecutive days, the exchange can start delisting procedures. Deficiency notice If a company is in violation of the continued listing standards for a period of 30 consecutive days, the NASDAQ sends a "deficiency notice." The most common reasons for a deficiency notice are a share price that falls below $1.00 or a market cap that falls below the stated minimum (as low as $5 million if other requirements are satisfied). Once a deficiency notice has been sent, the company has 90 days to comply with the continued listing standards, or 180 days if the violation was for a sub-$1.00 share price. In order to be compliant, the company's share price or market cap must rise above the minimum for at least 10 consecutive days in the 90-day (or 180-day) period. Never mind, I see. It's a dodge. They aren't listed on the NASDAQ exchange at all. https://business.nasdaq.com/list/international-designation Haven't you heard? Atari never follows the rules for anything. They got away with not reading over Indiegogo's TOS. LOL! XD Link to comment Share on other sites More sharing options...
Lodmot Posted March 27, 2019 Share Posted March 27, 2019 Looks like that is the new norm for IGG. I checked some other pages and no backer list. Just visited the Indiegogo page, and all the stuff mentioned are still there for me. o 3 o Maybe I have to clear my browser cache, I dunno. 1 Link to comment Share on other sites More sharing options...
OCAT Posted March 28, 2019 Share Posted March 28, 2019 ^^^ Sears also is a penny stock, under a Dollar for some time now but still listed. Link to comment Share on other sites More sharing options...
JBerel Posted March 28, 2019 Share Posted March 28, 2019 https://www.bizjournals.com/chicago/news/2018/10/24/sears-holdings-is-delisted-on-nasdaq.html Lewis Lazare – Reporter, Chicago Business Journal Oct 24, 2018, 12:15pm CDT Updated Oct 24, 2018, 2:17pm EDT Sears Holdings Corp. is no longer listed on the NASDAQ exchange. Per stock exchanges rules, Sears Holdings was officially delisted this week after stock of the failing department store chain had traded below $1 a share for 30 days. 4 Link to comment Share on other sites More sharing options...
OCAT Posted March 28, 2019 Share Posted March 28, 2019 ^^^ my bad, thanks for the correction 1 Link to comment Share on other sites More sharing options...
Flojomojo Posted March 28, 2019 Share Posted March 28, 2019 Just visited the Indiegogo page, and all the stuff mentioned are still there for me. o 3 o Maybe I have to clear my browser cache, I dunno. You're signed in as a backer, you would have a different view. I'm not backing this nor making an IGG account so I will rely on the kindness of others who do. At least the comments are still public. For now. The ones they haven't removed, anyway. 3 Link to comment Share on other sites More sharing options...
carlsson Posted March 28, 2019 Share Posted March 28, 2019 The most common reasons for a deficiency notice are a share price that falls below $1.00 Was the PONGF even listed at $1 to begin with? Perhaps if it was listed below the threshold, Nasdaq doesn't register how much lower it goes. It struck me that the 7.5 million Euro new share issue (the one also known as creating shares out of thin air) last year had a price of 0.55 EUR per new share. Usually a new share issue has a lower price than the going rate to attract investors. In this case it seems the share has only gone down from that point. As far as I understand in the USA you're not allowed to make new share issues in that way, which is why all the memos from companies doing it in Europe has small print that it may not be distributed to USA, Canada etc. What I haven't looked up is if a share listed at a US stock exchange like Nasdaq prevents them from doing more of the same. Link to comment Share on other sites More sharing options...
Flojomojo Posted March 28, 2019 Share Posted March 28, 2019 They're in some kind of junior varsity listing program, I don't think they need to maintain value of $1.00 or more for their particular niche. There's something more about it elsewhere in this thread. 1 Link to comment Share on other sites More sharing options...
JBerel Posted March 28, 2019 Share Posted March 28, 2019 (edited) It's easy to get confused about this stuff because there's a lot of marketing propaganda going on from all parties. It would be easy to miss Sears getting delisted when they continue to show on the NASDAQ and other websites like they always did even though they are now OTC stock that the exchange doesn't bother with. That's makes their transaction volume that much lower. The same with AtariSA (PongF). They claim to be an American company with just an office in France, and they do their best to appear like a credible company listed on the major exchange. In truth, Fredo paid $25K last October to get the NASDAQ international designation while their stock was hovering at about 45 cents. (Still below the sales price required of actual NASDAQ stocks, but that doesn't apply here.) Clearly he was hoping for big things. :-P The international designation was made in 2015 to "boost global credibility, increase visibility and attract more interest from U.S. Investors." It's nothing more that a marketing service via the NASDAQ website and costs 5k up front and 20k a year. The international designation still has them trading in the U.S. on the over-the-counter (OTC) market like any penny stock. They do not report to the SEC, unlike Level 2 ADRs that do file with the SEC and are listed on U.S. exchanges. The companies are not listed or traded on the Nasdaq Stock Market, and are not subject to the same listing or qualification standards applicable to securities listed or traded on an exchange. Essentially, they pay to appear like a legitimate company to gullible American investors (like some of our Jr. stock titans) but they continue to operate under the rules and laws of their out of country company registration. Just like all the credit companies maintain an empty office suite in New Hampshire or Cruise lines register their ships in Panama to take advantage of lax regulatory laws. The funny thing is they don't even qualify for continued international designation because nobody is buying and selling their stock. They need to average 1000 shares traded a day. After their first year subscription to the service, they're getting the boot from that too, unless they generate their own transactions with the associated fees, or a lot of people start buying and selling their stock. The recent additional stock offering from nothing is indicative of more strategy to defraud investors, which they can get away with because they aren't regulated by the SEC. Their entire operation is a house of cards, and for anyone willing to do the research, is indicative of exactly the kind of company that would steal $3M from backers on a crowd funding site after the effort failed to boost their dismal stock value. PONGF PERFORMANCE 5 Day -23.08% 1 Month -32.58% 3 Month -10.45% YTD -18.92% 1 Year -65.91% Edited March 28, 2019 by JBerel 11 Link to comment Share on other sites More sharing options...
carlsson Posted March 28, 2019 Share Posted March 28, 2019 The first thing I thought about when I saw those figures was projected weight loss for a contestant of Biggest Loser. However I don't think those are allowed to eat too many tacos. 2 Link to comment Share on other sites More sharing options...
TACODON Posted March 28, 2019 Share Posted March 28, 2019 I just received an email from IGG wanting to know why I wanted a chargeback. So I guess that answers who gets the chargeback. So Atari gets off the hook and IGG is stuck losing the money. The emails wants me to respond to them about it. Of course they mention that I need to talk to Atari about it. Link to comment Share on other sites More sharing options...
TACODON Posted March 28, 2019 Share Posted March 28, 2019 Here is the email if anyone is curious. 2 Link to comment Share on other sites More sharing options...
ColecoJoe Posted March 28, 2019 Share Posted March 28, 2019 Here is the email if anyone is curious. Don't respond, they should be going through the bank not you. IT'S A TRAP!!!! 10 Link to comment Share on other sites More sharing options...
TACODON Posted March 28, 2019 Share Posted March 28, 2019 @ColecoJoe I wasn't planning on responding. Seemed the safe bet. 2 Link to comment Share on other sites More sharing options...
JBerel Posted March 28, 2019 Share Posted March 28, 2019 (edited) Yeah, probably safest not to respond for now. They're looking for an out, and you don't want to give them one. Still, it could be your chance to respond to IGG by railing again about how Atari has provided no meaningful updates despite obligations to do so and numerous requests, indicated no progress on the product (or perk as they would have it), listed it as a pre-order then delayed with no reason provided, ignored and deleted backer comments, and violated multiple terms of the IGG agreement. I believe you also have an unresolved violation of terms complaint open with IGG which that have yet to respond to. Honestly though, I would just be brief and direct and tell them the campaign owner has been unresponsive, evasive and hostile while violating IGG terms, and you are taking the appropriate action to deal with fraud. Edited March 28, 2019 by JBerel 6 Link to comment Share on other sites More sharing options...
john_q_atari Posted March 28, 2019 Share Posted March 28, 2019 Absolutely ignore it! Do not respond to an IGG email under any circumstances or for any reason. Let the bank handle it and let the bank come to you directly with any requests for explanations, documentation, etc. 5 Link to comment Share on other sites More sharing options...
john_q_atari Posted March 28, 2019 Share Posted March 28, 2019 Honestly though, I would just be brief and direct and tell them the campaign owner has been unresponsive, evasive and hostile while violating IGG terms, and you are taking the appropriate action to deal with fraud. Respectfully, I disagree. TACODON owes IGG nothing. I have no expertise or qualification in this field but I think offering IGG any information at all could only serve to undermine TACODON's efforts in recovering his funds. Let the bank do all the heavy lifting. 6 Link to comment Share on other sites More sharing options...
ColecoJoe Posted March 28, 2019 Share Posted March 28, 2019 Yeah, probably safest not to respond for now. They're looking for an out, and you don't want to give them one. Still, it could be your chance to respond to IGG by railing again about how Atari has provided no meaningful updates despite obligations to do so and numerous requests, indicated no progress on the product (or perk as they would have it), listed it as a pre-order then delayed with no reason provided, ignored and deleted backer comments, and violated multiple terms of the IGG agreement. I believe you also have an unresolved violation of terms complaint open with IGG which that have yet to respond to. Honestly though, I would just be brief and direct and tell them the campaign owner has been unresponsive, evasive and hostile while violating IGG terms, and you are taking the appropriate action to deal with fraud. Just in case I would call your bank first to make sure it's kosher to respond directly. mazel tov! Link to comment Share on other sites More sharing options...
JBerel Posted March 28, 2019 Share Posted March 28, 2019 I agree about not responding, but I wonder if they plan on stalling the dispute unless they hear from him. I suspect the credit card company may just come back saying they dispute the chargeback like mine did on a hotel overcharge once. I cut up that card. 1 Link to comment Share on other sites More sharing options...
ColecoJoe Posted March 28, 2019 Share Posted March 28, 2019 I agree about not responding, but I wonder if they plan on stalling the dispute unless they hear from him. I suspect the credit card company may just come back saying they dispute the chargeback like mine did on a hotel overcharge once. I cut up that card. If they stall they lose the dispute. What they are trying to do is get Tacodon to give them some information that they can then use to dispute the claim. 4 Link to comment Share on other sites More sharing options...
glazball Posted March 28, 2019 Share Posted March 28, 2019 I don't see any wording in that email in which IGG is asking for a response from you. /confused 4 Link to comment Share on other sites More sharing options...
+frankodragon Posted March 28, 2019 Share Posted March 28, 2019 And speaking of Indiegogo's reputation: https://www.consumeraffairs.com/business/indiegogo.html One star reviews. 7 Link to comment Share on other sites More sharing options...
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