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SouthPeak delisted from NY stock exchange

Mon 19 Sep 2011 7:58am GMT / 3:58am EDT / 12:58am PDT
BusinessPublishing

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.

3 Comments

Karma Police are out and doing their job

Posted:3 years ago

#1

Howard Newmark Managing Director, HPN Associates Ltd

5 0 0.0
Nuff said

Posted:3 years ago

#2

Christopher Bowen Editor in Chief, Gaming Bus

453 726 1.6
Couldn't happen to a better shitbag.

Posted:3 years ago

#3

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