Mad Catz Interactive, Inc. (the “Company”) (NYSE MKT:MCZ), today announced that it received notification that, due to the “abnormally low trading price” of its common stock, the staff of NYSE MKT LLC (“NYSE MKT”) Regulation has determined to commence proceedings to delist the Company’s common stock pursuant to Section 1003 of the NYSE MKT Company Guide. The NYSE MKT also suspended trading in the Company’s common stock effective immediately.
The NYSE MKT stated that it will apply to the Securities and Exchange Commission (SEC) to delist the Company’s common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE MKT’s determination. The Company does not intend to appeal the delisting determination. The Company’s common stock will begin trading on the OTC PINK marketplace on March 23, 2017, under the symbol “MCZAF.” The transition to the over-the-counter markets will not affect the Company’s business operations. The Company will remain subject to the public reporting requirements of the SEC following the transfer.