In order to maintain continued listing on the New York Stock Exchange, stock has to maintain a minimum average closing price of $1.00 per share over 30 consecutive trading days. For Midway Games, they've fallen below that, which would have them removed from the listing.
According to the press release, Midway has the standard six months to "cure the definciency." Midway received word today from the NYSE that they have fallen below the standard.
What have they got to bail them out. Hmm. We gave a "good" rating to Mortal Kombat vs. DC Universe. Wheelman launches early next year, and Nick said some good things about it. Just trying to be positive here.
Best of luck, Midway.
Midway Games Inc. (NYSE: MWY) announced today that on November 14, 2008, the Company received notification from the New York Stock Exchange (NYSE) that it has fallen below the standard for continued listing of its common stock on the NYSE that requires a minimum average closing price of $1.00 per share over 30 consecutive trading days.