If you hadn't caught on when their boss resigned, they lost a ton of money or they started firing a ton of people, maybe we need to spell it out for you: once-proud publisher Midway are in trouble. Serious trouble. So much trouble, in fact, that on November 14 they got a letter from the New York Stock Exchange, threatening the company that they'd be removed from the exchange if they can't sort themselves out in the next six months. Midway said, in a nutshell, "yes sir, we'll sort ourselves out", despite the fact they've spent the past 24 months doing little but making things worse.
CHICAGO -- November 20, 2008 -- Midway Games Inc. (NYSE: MWY) announced today that on November 14, 2008, the Company received notification from the New York Stock Exchange (NYSE) that it has fallen below the standard for continued listing of its common stock on the NYSE that requires a minimum average closing price of $1.00 per share over 30 consecutive trading days.
Under NYSE rules, the Company has a period of six months from the date of the notice, subject to possible extension, to cure the deficiency. During this cure period, the Company's shares will continue to be listed and traded on the NYSE. The Company plans to notify the NYSE that it will seek to cure the deficiency.
The Company's business operations and Securities and Exchange Commission reporting requirements are unaffected by this notice.