Article published on Monday, October 3rd, 2011
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After receiving word that the very first free to play SpongeBob SquarePants MMO game was being developed by Viacom and GigaMedia last year, GigaMedia confirmed on September 29th 2011 that it had received a formal notice from The Nasdaq Stock Market proclaiming it was at risk of being delisted. Viacom is comprised of many popular entertainment brands such as Nickelodeon, BET, Comedy Central, MTV, VH1 and many more. GigaMedia is a major provider of online entertainment software and services operating in Asia spanning regions of Greater China as well as Southeast Asia. The bid price of GigaMedia’s common stock closed under $1.00 per share which is less than the requirement for continued inclusion in the Nasdaq Global Market. GigaMedia has up to March 26th 2012 to restore compliance by keeping a common stock bid price of at least $1.00 per share for no less than ten business days. If GigaMedia does not achieve compliance, GigaMedia can appeal the delisting or exchange its common stock to the Nasdaq Capital Market if it complies with the requirements.