Madcatz delisted from New York Stock Exchange

Due to 'abnormally low trading prices,' Madcatz will now pull itself from the NYSE stock exchange.

Published Mar 23, 2017 7:26 PM CDT   |   Updated Tue, Nov 3 2020 11:56 AM CST
1 minute & 18 seconds read time

Madcatz today announced it will delist itself from the New York Stock Exchange, which could be a warning sign for the company going under completely.

Madcatz delisted from New York Stock Exchange | TweakTown.com

Madcatz is best known for creating peripherals, controllers, headsets, gaming keyboards and the like, but the company's fate might be in question. The company today made the decision to de-list its shares from the NYSE due to "abnormally low" common stock prices, but this move was made before the NYSE suspended trading of their stock. At the time of writing, Madcatz stock sits at just $0.06 per share, and NYSE regulations state that shares need to show a minimum $1.00 value across 30 consecutive days to stay listed on the exchange.

"Mad Catz Interactive, Inc. today announced that it received notification that, due to the "abnormally low trading price" of its common stock, the staff of NYSE MKT LLC Regulation has determined to commence proceedings to delist the Company's common stock pursuant to Section 1003 of the NYSE MKT Company Guide. The NYSE MKT also suspended trading in the Company's common stock effective immediately," reads an official press release.

As Gamasutra notes, Madcatz had tumultuous financials in 2016, having to sell its Saitek division for $13 million following a harsh $11 million loss, and was forced to fire about 37% of its workers.

NEWS SOURCE:nasdaq.com

Derek joined the TweakTown team in 2015 and has since reviewed and played 1000s of hours of new games. Derek is absorbed with the intersection of technology and gaming, and is always looking forward to new advancements. With over six years in games journalism under his belt, Derek aims to further engage the gaming sector while taking a peek under the tech that powers it. He hopes to one day explore the stars in No Man's Sky with the magic of VR.

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