informa
/
1 MIN READ
News

Mad Catz is being delisted from the New York Stock Exchange

Peripheral maker Mad Catz has received notice the NYSE is working to have it removed from trading due to its "abnormally low" stock value, and the company says it will not appeal the process.

Video game peripheral maker Mad Catz has received notice the New York Stock Exchange is working to have it removed from trading due to its "abnormally low" stock value, and the company says it will not appeal the process.

The NYSE is making good on its threat back in January to delist Mad Catz if it could not sustainably increase the value of its stock, which was then trading for roughly $0.15 apiece, within six months. At the time, Mad Catz representatives said they were going to try and raise the stock price by winning shareholder approval for consolidating stock via reverse stock split.

Now, less than two months later, it seems that didn't work out; shares in Mad Catz were recently being traded on the NYSE for roughly $0.02 apiece, and the NYSE has suspended trading in it as it works with the Securities and Exchange Commission to have Mad Catz removed.

This is a bad sign for the company, but it's not the end of it as a publicly-traded concern; after being delisted from the NYSE Mad Catz stock will be traded on the "OTC Pink" U.S. financial market for so-called "over-the-counter" securities.

This is fallout from the very rough 2016 Mad Catz had, when it sold off its entire Saitek division for $13 million after reporting a full-year loss of $11 million and laying off ~37 percent of staff in a cost-cutting restructuring plan.

Latest Jobs

Cryptic Studios

Remote
1.19.23
Senior Producer

Night School Studio

Los Angeles, CA, USA
1.09.23
Level Designer / Scripter, Games Studio

Fast Travel Games

Hybrid (Stockholm, Sweden)
1.09.23
Social Media / Community Manager
More Jobs   

CONNECT WITH US

Explore the
Subscribe to
Follow us

Game Developer Job Board

Game Developer Newsletter

@gamedevdotcom

Explore the

Game Developer Job Board

Browse open positions across the game industry or recruit new talent for your studio

Browse
Subscribe to

Game Developer Newsletter

Get daily Game Developer top stories every morning straight into your inbox

Subscribe
Follow us

@gamedevdotcom

Follow us @gamedevdotcom to stay up-to-date with the latest news & insider information about events & more