NEWS

Midway Delisted From NYSE

Rob Crossley's picture

By Rob Crossley

February 19, 2009

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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.