Midway Served Notice, Faces Delisting from NYSE
Video game publisher Midway received a notice on November 14, 2008 from the New York Stock Exchange that it has fallen below the standard for continued listing of its common stock. The NYSE requires a minimum average closing price of $1.00 per share over 30 consecutive trading days. Midway’s stock has had a marked decline since September 19 when it had a closing price of $2.80 per share compared to a low of $0.25 on November 19, 2008.
Under New York Stock Exchange guidelines, Midway has a period of six months from the date of the notice, subject to possible extension, to cure the deficiency. During this cure period, the company’s shares will continue to be listed and traded on the NYSE. Midway said in a press release that it plans to notify the NYSE that it will seek to cure the deficiency. Midway is not the only publisher below the $1 threshold. Majesco closed at just under $0.50 a share on Thursday, November 20, 2008.