Tix Corp. on Tuesday said it was giving up on trying to meet Nasdaq listing requirements and will move its stock to the Pink Sheet’s new OTCQX market.

The Studio City ticketing and events promotion company said that its board made the decision after receiving another warning from Nasdaq regulators that Tix’ share price no longer met the minimum $1 requirement. Tix’ stock hasn’t closed at or above $1 since Aug. 9.

Tix, which reported a $1.3 million net loss in the second quarter, said the move should save the company at least $1 million a year and free up management to focus on strategy and operating performance. The company earlier this month announced that it was exploring strategic alternatives, including the possible sale of its live entertainment business segment.

“The burden of reporting under the (SEC) Exchange Act and … Sarbanes-Oxley has become too expensive for many small companies such as Tix,” said Chief Executive Mitch Francis in a statement. “We believe that by utilizing the OTCQX platform, material savings can be achieved while still providing reliable information to our shareholders.”

The OTCQX market was started by the Pink OTC Markets Inc. in April to give larger and more reputable companies a place to trade without having to meet SEC reporting requirements.

Shares on Tuesday closed down 17 cents, or nearly 24 percent, to 54 cents on the Nasdaq.