Midway's troubles have gone from bad to worse. Midway has struggled through a tough year, with staff layoffs, resignations from top execs, and projects cancelled. It was revealed last month that Midway's losses had doubled from 33.5 million to 76 million since September.
Sumner Redstone, the majority owner of Midway, has sold the company to investor Mark Thomas for $100,000, or $0.0012 per share, along with the assumption of $70 million in debt. Midway shares dropped $0.05, or 13.16 percent, to $0.33 by the end of trading. Midway has less than six months to improve its standing in order to keeps its stocks listed. To do that, the company has to achieve the minimum closing price of $1 per share over 30 consecutive days.
The company has high hopes that Mortal Kombat vs. DC Universe will single handedly pull them out of this financial crisis, and if you haven't noticed, has gone on an advertising frenzy with the game for this very reason.
Sumner Redstone, the majority owner of Midway, has sold the company to investor Mark Thomas for $100,000, or $0.0012 per share, along with the assumption of $70 million in debt. Midway shares dropped $0.05, or 13.16 percent, to $0.33 by the end of trading. Midway has less than six months to improve its standing in order to keeps its stocks listed. To do that, the company has to achieve the minimum closing price of $1 per share over 30 consecutive days.
The company has high hopes that Mortal Kombat vs. DC Universe will single handedly pull them out of this financial crisis, and if you haven't noticed, has gone on an advertising frenzy with the game for this very reason.
