On October 12, 2012, MGT appealed the delisting proceedings of NYSE MKT and requested an Oral Hearing in accordance with Part 12 of the Company Guide, in response to the Exchange’s delisting Notice received by the Company on October 5, 2012. On October 17, 2012, MGT received further Notice from the Exchange that a Listing Qualifications Panel has been authorized to hold the hearing on December 12, 2012. The delisting action has been stayed pending the outcome of the review, in accordance with Section 1203(d) of the Guide. Upon closing of the transactions contemplated above, the Company believes it will meet the minimum equity conditions for remaining listed on the Exchange; however, there can be no assurance that the Exchange will reach the same determination or grant the Company’s request for continued listing.
Robert Traversa, the Company’s Chief Financial Officer, stated, “As one of the largest stockholders of MGT, I am constantly focused on maximizing long term shareholder value. Today’s deals bring strategic investors with proven success in the intellectual property space and set a very solid foundation for our expansion and development.”
The Company will continue to update shareholders on its progress, including ongoing discussions with NYSE MKT, as well as patent enforcement activities.
About MGT Capital Investments, Inc.MGT and its subsidiaries are engaged in the business of monetizing intellectual property. MGT Gaming, Inc., a majority-owned subsidiary, owns intellectual property relating to casino gaming systems, and has plans to enforce its property rights against possible infringers. In addition, the Company owns a majority interest in Medicsight, Ltd, a medical technology company with patent ownership, as well as operations in imaging software and hardware devices. The company’s computer-aided detection software assists radiologists with detection of colorectal polyps, and has received regulatory approvals including CE Mark and U. S. FDA clearance.