Despite just days ago Midway CEO Matt Booty claiming that the firm had reached “an important first step in [its] planned and orderly reorganization”, another blow has been dealt to the troubled publisher after being delisted from the New York Stock Exchange.
Back in November Midway was given a procedural warning that it may be delisted, as the firm failed to meet the standard that requires NYSE-listed companies to maintain a minimum average closing price of $1 per share over 30 consecutive trading days.
The publisher’s time on the NYSE seemed over when the group claimed it was taking the necessary steps needed in order to navigate through Chapter 11 bankruptcy. Yet it gained a second-wind of sorts after the US Bankruptcy Court for the District of Delaware had allowed the publisher to utilize its cash to maintain operations (pending a final hearing).
Desite this, the group are now oficially delisted, marking a nail in the coffin for Midway, and reports have also emerged (arising from GamePolitics) that the publisher has left the Entertainment Software Association. This has not been confirmed by Midway or the ESA, yet the group is currently missing from the ESA’s member list.