Image: THQ logo. THQ.

THQ, the once mighty video game developer and publisher, has hit a shaky new low.

Following a net loss of $55.9 million in its latest quarter and terrible sales of its uDraw tablet for 360 and PS3, THQ has been forced to cancel numerous games, eliminate 240 jobs, and cut exec salaries by up to 50%.

That’s not even all. NASDAQ is now threatening to de-list THQ’s stock as it’s fallen below $1 a share ($0.53 last I checked). The company will need to boost itself over that $1 mark and keep it there for 10 consecutive days to stay listed. Oh, and that $0.53 is down from a a high of over $36.

THQ’s internally developed properties include Saints Row and Red Faction. The company also churns out numerous licensed games, including those for Warhammer 40k, WWE, UFC, and Disney-Pixar.

THQ imploding, threatened with NASDAQ de-listing