Premier Exhibitions faces NASDAQ delisting

[Andrew Clarkson]

Premier Exhibitions Inc., the Atlanta-based developer of touring exhibit shows including “Titanic Aquatic,” “Dialog in the Dark” and “Bodies: The Exhibition,” said it has been notified by NASDAQ that its shares face delisting.

The price of the company’s stock fell below $1 per share for more than 30 days, prompting the exchange’s action.

Premier said it has 180 days to regain compliance with NASDAQ’s minimum bid requirements. If Premier’s stock closes at $1 a share or more for at least 10 consecutive business days, it can maintain its listing.

Chairman Mark Sellers said the company “will take every step necessary to regain compliance ...”

Sellers said preliminary results for Premier’s 2010 fiscal second quarter, ended Aug. 31, show that the troubled company’s “turnaround is going very well...”

Premier reported a net loss of $10 million in fiscal 2009. It suffered from a lack of profitable venues and the recession, which affected exhibition attendance.

The company has undergone a battle with its largest shareholder for control, a turnover in management, and controversy over the “Bodies” show. Critics charged that cadavers of Chinese prisoners were used.

Source: http://www.ajc.com