Publisher Atari has revealed that, as of today, its stock will no longer be listed or traded on The Nasdaq Stock Market.

The action follows numerous warnings from Nasdaq, in which Atari was informed that it would be delisted if the value of its public shares did not increase to $15 million or more and stay above that figure for at least ten days.

Following its removal from Nasdaq, Atari stock will be available for purchase and sale through delisted company trader Pink Sheets.

The company does not expect its delisting to affect its merger with parent company Infogrames, which is set to close in the third quarter of 2008.

Publisher Infogrames today announced that it has acquired the remaining shares of Atari for $11 million, making the ailing company a wholly-owned subsidiary.

Infogrames previously held a majority stake of 51.4% in Atari.

"Bringing Atari US and Infogrames businesses together will enable us to create a simplified global structure for our business as we seek to re-build a well-managed, cohesive and financially disciplined company," said Infogrames CEO David Gardner.

Atari had been financially troubled for months, posting losses quarter after quarter. As part of the merger, Infogrames has agreed to lend Atari $20 million in cash.

Atari's largest shareholder and parent company Infogrames has made an offer to buy the remainder of shares and make the company private, GamesIndustry reports.

Infogrames, which already owns a 51 percent stake in Atari, offered $1.68 per share in an effort to retain the company as a wholly-owned property. Atari said that the company's board of directors intends to give the proposal a thorough evaluation.

The news comes just days after the appointment of former Sony executive Phil Harrison as president of Infogrames. Harrison noted that shaping the future of the Atari was one of his major goals in his new position.

Late last year, Atari enacted a plan to restructure its corporate model in the wake of mounting losses and a $3.5 million settlement payout to FUNimation over royalties owed for properties associated with Dragon Ball Z.

Atari parent company Infogrames Entertainment today announced the appointment of former Sony executive Phil Harrison as the company's new president.

Harrison, who resigned from his post as the president of Sony Computer Entertainment Worldwide Studios late last week, will also join Infogrames' board of directors in his new position. As president, he will oversee the studios and content development for the group.

"This is the perfect time to join Infogrames and help shape the future of Atari—one of the industry's legendary brands," Harrison said today. "As the game business moves rapidly online I believe we have an outstanding opportunity to create amazing network game and community experiences for players the world over."

The addition of Harrison to Infogrames' corporate roster comes amid troubled times for the publishing house, which is restructuring in effort to cope with mounting losses, a hefty settlement payout to FUNimation over royalties owed for properties associated with Dragon Ball Z, and a 20% cut of its workforce.