The NYSE suspends all trading of MGT Capital Investments.
The NYSE announced on Wednesday that the NYSE Regulation committee has decided to delist the common stock of MGT Capital Investments and all trading will be immediately suspended. The NYSE Regulation committee has determined that the company is no longer suitable for listing and the pursuant to the Section 1002(c) of the NYSE MKT Company Guide, which applies to a company which has sold or otherwise removed of its principal operating assets, or has ceased to work as an operating company.
MGT initially began as a gaming company that developed and monetized online and mobile gaming applications. The company had a portfolio including a social casino platform called Slot Champ and other minority stakes in skill-based gaming platforms such as MGT Play and DraftDay Gaming Group, Inc.
The company suffered record losses and zero revenue for several quarters. But, the company announced a plan to bring on the John McAffee, creator of McAffee Anti-Virus that was later sold to Intel, as the chief executive officer and change it from a video game company to a cybersecurity company.
“MGT Capital Investments, Inc. (NYSE MKT: MGT) is in the process of acquiring a diverse portfolio of cyber security technologies,” MGT announces on their website. “With cyber security industry pioneer, John McAfee, at its helm, MGT Capital is positioned to address various cyber threats through advanced protection technologies for mobile and personal tech devices, including tablets and smart phones. The Company is currently in the process of acquiring D-Vasive, a provider of leading edge anti-spy software, and Demonsaw, a provider of a secure and anonymous file sharing software platform. “
The announcement to delist MGT came as company announced to release their first product, Sentinel. MGT announced on Wednesday the commercial release of its security product to defend businesses and companies from getting hacked.”
“Simply put, Sentinel is the first user-friendly security device to provide actionable intelligence before companies are hacked.
Prices for the new Sentinel package start at $4,995 per unit and require a renewable contract. But, assembly requires “no set or user configuration.”
“The user merely plugs it in and it instantly begins communicating anomalous packets to a secure MGT server, where they are analyzed and appropriate alerts are instantaneously transmitted to the IT administrator.”