If you ever fancied owning shares in Midway, now might be the time to buy. The company has been threatened with de-listing by the New York Stock Exchange (NYSE) because its share price is so appallingly low.
The standard required for continued listing on the NYSE is an average closing share price of $1.00 (£0.66) over 30 consecutive trading days. Midway has not achieved this. In fact, the price at the close of business yesterday was just $0.25 (£0.17).
Midway will now get a six month period of grace, subject to extension, in which to recover. During this period its shares will continue to be listed.
Midway recently appointed Matthew Booty as its CEO. Booty had been assuming the role on an interim basis following the sudden departure of David Zucker
Still, at least Mortal Kombat vs DC Universe
is out today...
While we're discussing dips in publishers fortunes, Take-Two deserves a quick mention. Its shares closed at $9.77 (£6.49) yesterday. You might remember that, back in March, Electronic Arts was offering $26 (£17.66) per share
for the stock as it tried to buy up the company.