Peripherals Company Mad Catz Removed from New York Stock Exchange
//cdn.themis-media.com/media/global/images/library/deriv/1391/1391843.jpgThe financial struggles of Mad Catz continue as the company is delisted from the New York Stock Exchange.
Mad Catz has been around from a long time. It's well known for its third-party controllers, Tritton headsets, and of course, for designing Rock Band peripherals. Of late, it's also been known for its financial struggles. Early last year, some of its executives resigned [http://www.escapistmagazine.com/news/view/166346-CEO-Chariman-of-Mad-Catz-Resign], and the company laid off 37 percent of its work force. The blame for the layoffs at that time was placed on lower-than-expected sales of Rock Band 4, a game which the company not only manufactured peripherals for, but also co-published. In September of 2016, Mad Catz sold the Saitek brand to Logitech for $13 million.
Earlier this year, the company was warned that it was in danger of being dropped from the New York Stock Exchange due to its low share price. In a letter to investors sent back in January, the company said, "Due to the company's current low selling share price, the company's continued listing...is contingent upon the company effecting a share consolidation or otherwise demonstrating a sustained improvement in its share price within the next six months." Mad Catz was considering a reverse stock split, but it never happened.
Trading of the company's shares was suspended last week, when the per share price fell to $0.04, and on Friday, the company was delisted [https://www.bit-tech.net/news/hardware/2017/03/24/mad-catz-delisted-nyse/] from the NYSE due to "an abnormally low trading price." Mad Catz does not plan to appeal its delisting.
This is obviously not good news for the long-time peripheral company, which will probably need to find a new investor or investors to keep the company from declaring bankruptcy.
Permalink
//cdn.themis-media.com/media/global/images/library/deriv/1391/1391843.jpgThe financial struggles of Mad Catz continue as the company is delisted from the New York Stock Exchange.
Mad Catz has been around from a long time. It's well known for its third-party controllers, Tritton headsets, and of course, for designing Rock Band peripherals. Of late, it's also been known for its financial struggles. Early last year, some of its executives resigned [http://www.escapistmagazine.com/news/view/166346-CEO-Chariman-of-Mad-Catz-Resign], and the company laid off 37 percent of its work force. The blame for the layoffs at that time was placed on lower-than-expected sales of Rock Band 4, a game which the company not only manufactured peripherals for, but also co-published. In September of 2016, Mad Catz sold the Saitek brand to Logitech for $13 million.
Earlier this year, the company was warned that it was in danger of being dropped from the New York Stock Exchange due to its low share price. In a letter to investors sent back in January, the company said, "Due to the company's current low selling share price, the company's continued listing...is contingent upon the company effecting a share consolidation or otherwise demonstrating a sustained improvement in its share price within the next six months." Mad Catz was considering a reverse stock split, but it never happened.
Trading of the company's shares was suspended last week, when the per share price fell to $0.04, and on Friday, the company was delisted [https://www.bit-tech.net/news/hardware/2017/03/24/mad-catz-delisted-nyse/] from the NYSE due to "an abnormally low trading price." Mad Catz does not plan to appeal its delisting.
This is obviously not good news for the long-time peripheral company, which will probably need to find a new investor or investors to keep the company from declaring bankruptcy.
Permalink