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posted by malloc at 10:19 pm on 2008-11-28 |
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Midway falls below New York Stork Exchange requirements
PRESS RELEASE: Midway Receives Continued Listing Standards Notice from the NYSE
CHICAGO--(BUSINESS WIRE)--Midway Games Inc. (NYSE: MWY) announced today that on November 24, 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 market capitalization over a 30-day trading period of at least $75 million and a minimum stockholders’ equity of at least $75 million.
Under NYSE rules, the Company has 45 days from the date of the notice to submit a plan to the NYSE to demonstrate its ability to achieve compliance with the continued listing standards within 18 months of receiving the notice. The Company intends to submit such a plan. During this cure period, the Company’s shares will continue to be listed and traded on the NYSE, subject to the Company’s compliance with other NYSE continued listing standards.
The Company’s business operations and Securities and Exchange Commission reporting requirements are unaffected by this notice.
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