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Midway served NYSE delisting notice

Besieged publisher threatened with stock exchange removal after failing to meet minimum $1 per share average for 30 consecutive trading days.


Wall Street has always been known as a fickle mistress, and game companies across the board are grappling with keeping on its good side. Some, of course, aren't doing as well as others.

Forward, down, forward, high punch.
Forward, down, forward, high punch.

Midway said today that it has received a delisting notice from the New York Stock Exchange due to its failure to reach a minimum average closing price of $1.00 per share for the last 30 trading days. Midway has six months to raise its stock price--which is up 16 percent to $0.29 as of press time--before the NYSE takes further delisting action. For its part, the publisher said that it "plans to notify the NYSE that it will seek to cure the deficiency."

Earlier this month, Midway continued its extended period of decline, posting a $76 million loss on revenues of $36.7 million for its July-September quarter. Shortly before Midway reported its quarterly results, Shari Redstone, daughter of medial mogul Sumner Redstone, resigned her position as chairperson of the publisher's board. She was appointed to the position in 2004, after her father's company, National Amusements, bought a controlling stake in the publisher.

For the current holiday quarter, Midway hopes to shore up some of its losses, projecting a per-share deficit of $0.20 on revenues of $105 million. Key releases during the period include Mortal Kombat vs. DC Universe and Blitz: The League II, and the publisher also expects to see continued sales of recent releases such as TNA iMPACT!, Mortal Kombat Kollection, and the Xbox 360 edition of Unreal Tournament 3.

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