James Lee
15:10 (BST)
21/11/2008
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Midway stock faces delisting
Midway Games has revealed it received a warning from the New York Stock Exchange that its stock faces delisting.
The company was informed that it has fallen below the standard for listing its stock on the NYSE by failing to achieving a minimum closing price of USD 1.00 per share over 30 consecutive trading days.
Midway has been given a period of six months from the date of the notice to improve its standing and keep its stock listed. During this period, the company's shares will continue to be listed and traded on the NYSE.
This follows a spate of poor news for the company, with 20-30 staff laid off, the company's chairperson stepping down, and losses doubling to USD 76 million.
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