Game Informer has an article today indicating that the North American Stock Exchange (NASDAQ) has sent Atari its second notice of "delisting":

tari received the Nasdaq notice on December 21 because the market value of the company's publicly-traded shares was less than $15 million for 30 consecutive business days.

If Atari is unable to maintain the $15 million minimum market value for at least 10 consecutive trading days before March 20, 2008, Nasdaq will delist Atari's stock. If that happens, Atari will appeal.

There's not much more in the article but we will be keeping a close eye on the situation.