Technology content trusted in North America and globally since 1999
7,701 Reviews & Articles | 57,115 News Posts

Madcatz delisted from New York Stock Exchange

Due to 'abnormally low trading prices,' Madcatz will now pull itself from the NYSE stock exchange
By: Derek Strickland | Gaming News | Posted: Mar 24, 2017 12:26 am

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-new-york-stock-exchange_1

 

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 SOURCES:Nasdaq.com

Related Tags

Got an opinion on this news? Post a comment below!
loading