Peripheral manufacturer Mad Catz is being delisted from the New York Stock Exchange following an enormous slump in stock prices.
The company was ordered to cease trading by the NYSE on March 23rd after its stock prices fell to $0.02. The NYSE has already started the process of delisting Mad Catz due to its "abnormally low trading price".
Mad Catz has chosen not to fight the delisting in any way. It is instead now trading on the OTC PINK, with stocks remaining at $0.02.
The manufacturer has been struggling for some time. In its Q3 FY17 financials, it reported a decrease in sales by 71% year-on-year to $19.1 million with gross profit down 89% year-on-year.
While it does have a line of gamepads and headphones designed for mobile devices, Mad Catz has not made many inroads in the mobile games industry. We last wrote about it in 2014 when OUYA announced plans to bring its platform to the Mad Catz microconsole M.O.J.O.