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Midway stock faces de-listing

Midway stock faces de-listing

Midway faces de-listing from the New York Stock Exchange, with all hope now resting on Mortal Kombat vs. DC.

Midway has revealed that the New York Stock Exchange has warned the company that its stock may soon be de-listed if the situation doesn't change for the company. Currently the company is failing to meet the minimum requirements for listing on the New York Stock Exchange.

Most critically, Midway was told that it may soon be de-listed as the publisher and developer had failed to achieve a minimum closing price of $1.00 USD per share for the last 30 consecutive days, claims GamesIndustry.biz.

The warning comes with a prohibition period which allots a six month for the company to correct the situation and ensure it re-qualifies for listing on the New York Stock Exchange. Throughout the six month period Midway will continue to be listed and available for trading on the New York Stock Exchange.

The warning isn't entirely unexpected either as the company has endured some hard times lately, with losses doubling this year up to $76 million USD. Recent titles such as Unreal Tournament 3 and Blacksite have underperformed for the publisher as well and now the company is pinning its hopes almost solely on Mortal Kombat vs. DC Universe.

Within the company things haven't been great either, with Midway firing 20-30 staff and the company chairman stepping down.

Does Midway deserve to fail, or is it an accidental victim of the credit crunch? Let us know your thoughts in the forums.

8 Comments

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liratheal 24th November 2008, 11:15 Quote
If only to end the shitty MK games/tie-ins.

That said, I'm not sure they'd make it out the other side if they were delisted, would they?
ChaosDefinesOrder 24th November 2008, 11:21 Quote
surely this news would have the effect of lowering the share price even further thus ensuring that they won't be able to claw back to >$1?
Blademrk 24th November 2008, 11:36 Quote
Looks like I'm the only one looking forward to MK vs DC then?
Dr. Strangelove 24th November 2008, 11:55 Quote
Quote:
Originally Posted by Blademrk
Looks like I'm the only one looking forward to MK vs DC then?

So if you want to make sure it comes out, you should go buy a lot of Midway shares ;)
DXR_13KE 24th November 2008, 12:36 Quote
its bad for everyone...
steveo_mcg 24th November 2008, 13:05 Quote
Quote:
Originally Posted by Dr. Strangelove
So if you want to make sure it comes out, you should go buy a lot of Midway shares ;)

Then lots of copies of the game so your midway shares rise and you might even profit
Tulatin 24th November 2008, 21:05 Quote
Y'know, it really seems that Midway never really "Evolved" with the times, games wise. It must be hard to compete when your entire catalog feels - gameplay wise - like it's from 2003, at best. That said, they're screwed.
Loot3r 25th November 2008, 14:17 Quote
Well i stay in South Africa and UT3 was R600 for the pc... i ask you, what game sells for R600??? Was so looking forward to play UT3 online with tones of buddies, instead we all went to cheaper options! Greediness wont get you anywhere!
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