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The company's stock, which once traded at $50 per share, fell below NYSE's minimum standard for continued listing earlier this year.
The move comes as little surprise. The company received a warning from the NYSE in May, when its share price dropped below the $1 barrier. Although it had dipped into sub-$1 territory in late 2001 and again in late 2002, the price on both occasions recovered within a month or two.
This year, SGI's shares have traded below the dollar mark for six months straight. They currently trade at less than 70 cents--well below its $50 mark in the heady days of 1995.
NYSE's standard requires that a company's common stock trade at a minimum average closing share price of a dollar during a consecutive 30-day trading period. In a terse press release, SGI noted that "common stock has not returned to compliance with this standard."
SGI said it now expects its stock to be traded on the small-cap OTC Bulletin Board.
Matt Loney of ZDNet UK reported from London.
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and now it's over.
We'll Miss You, SGI.
There hardware and software was used for everything from computer animation to nuclear weapons simulation.
These days theres just to much competition in this space. Linux is a major factor. When you can
get An OS for free and the hardware for a song.
You can build major clusters of comptuers for a fraction of what Sgi hardware would cost.
I'm sure that pass investors are kind of pissed at the company. Worse yet some of there ex-employees are really pissed at the company.
They were told if they did not sell there shares the company would double the number of shares they had. We all know what happened next. SGI filed for bankruptcy protection and the stock tanked.
For the most part SGI has been its own worse enemy.
I will appreciate if somebody can advise. Will SGI may come back after sometime OR I should forget the shares?