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 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.