Gaming peripherals maker Mad Catz is an NYSE-listed company as Mad Catz Interactive, Inc. (NYSE: MCZ), a status it brandishes in most of its press-releases. All is not well for the company, as it runs the risk of being delisted on account of low selling share price. The stock exchange recently served the company with a notice that unless it improves its share price over the next six months, it faces delisting.
The MCZ stock is currently selling at a little over 0.15 a share. The company has been bleeding money, with underwhelming sales, a $11 million loss on its decision to co-publish “Rock Band 4” with Harmonix, and laying off 37 percent of its workforce. The company also recently sold off its subsidiary Saitek, which specializes with flight and motorsport simulator peripherals, to market leader Logitech. Mad Catz, on its part, is looking to raise stock price by performing a “reverse stock split,” in an attempt to consolidate (lower) the number of shares, and raise share price, to stay listed.
Source: Polygon
