NEW YORK (TheStreet) -- Shares of MGT Capital Investments (MGT) were plunging 25.79% to $1.87 on heavy trading volume late-afternoon Tuesday as the NYSE declined to list shares of a company formed by a merger with D-Vasive, according to Reuters.
MGT agreed to purchase the Coral Springs, FL-based anti-spyware software firm D-Vasive earlier this year for $300,00 in cash and stock. John McAfee is CEO of D-Vasive.
As part of the deal, McAfee would become CEO of the Harrison, NY-based online gaming developer and MGT would change its name to John McAfee Global Technologies.
NYSE rules state that already-listed companies that merge may be required to meet the standards of companies who list their shares for the first time, Reuters reports.
The NYSE didn't give MGT a specific reason for why the share listing was denied.
Additionally, MGT said yesterday that it had been subpoenaed by the SEC on Sept. 15. The SEC requested certain information from MGT, but the company said it doesn't believe it will be the subject of any enforcement proceedings.
More than 8.01 million shares of the company have traded hands so far vs. the 30-day average volume of 2.26 million shares.
MGT data by YCharts