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SouthPeak delisted from NY stock exchange

Publisher delists stock due to its finances and tough trading conditions

Two Worlds 2 publisher SouthPeak Interactive has delisted its stock from the New York Stock Exchange.

According to a statement issued on Friday, the decision was motivated by the company's "financial condition" and the challenging economic environment.

"The benefits of having publicly registered shares and filing periodic reports under the federal securities laws are outweighed by the associated costs," the statement read.

"Should economic conditions and circumstances change in the future, the Company may re-evaluate this position."

The success of Two Worlds II and "regained momentum" for the My Baby franchise led to growth in both revenues and net profits in the third quarter - compared to a net loss of $2.1 million in the second quarter.

However, the company has endured extensive financial and legal difficulties in recent years, including allegations of unpaid bills and royalties from CDV Software and Paradox Interactive last year. The CDV case resulted in bailiffs seizing 40,000 units of the company's stock to raise money.

To read a full interview with SouthPeak's senior management from January this year, click here.

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Latest comments (3)

Karma Police are out and doing their job
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Howard Newmark Managing Director, HPN Associates Ltd5 years ago
Nuff said
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Christopher Bowen Editor in Chief, Gaming Bus5 years ago
Couldn't happen to a better shitbag.
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