Mad Catz Getting Delisted From NYSE Due to Low Stock Trading Price
Things aren’t looking too good for gaming peripherals manufacturer Mad Catz, as the company will soon be delisted from the New York Stock Exchange due to their stock reaching a “abnormally low trading price, according to the NYSE.
Apparently, this has been a long time coming as the company’s stock went to as low as $0.15 a share last January. While the company did consider a solution to their lowering stock, things didn’t push through and since then the company’s stock just kept falling and reached as low as $0.02 last week.
After that, the NYSE alerted the company that it would be delisted and that the process of delisting their stock had already begun. As a result, the company’s stock can no longer be traded. Mad Catz has responded by saying that it would not appeal the decision.
Mad Catz’ fate after this turn of events is unknown. Last year, the company reduced its workforce to just 111 from 225 and ended the third quarter of 2016 with a negative working capital of $11 million. Undeniably, It’s going to be an uphill battle for the company from here on out if it wishes to survive.