November 21, 2008

Midway Woes Continue, Stocks Face De-Listing from NYSE

Midway Games just cannot catch a break these days. First the publisher posted loses of $76 Million, then Shari Redstone stepped down as the companies chairperson, finally they were forced to lay off 20-30 staff, and now this.

Midway received a warning today from the New York Stock Exchange that their stock had failed to meet the minimum closing price of $1 over 30 consecutive trading days. The warning stated that if the stocks did not rebound, they would be de-listed from the Exchange. Midway's stock will continue to be listed at least for the next 6 months where they must get the price about the $1 minimum.

In a tough economy it is not a good sign to see yet another developer struggling. Hopefully Midway can get their affairs in order and turn the business around.

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