(Nasdaq:SMPL) today announced that it is winding up its operations and firing all but five workers, due to the slowdown in its business.
The company also said that during April it will be wrapping up its business commitments while trying to sell its remaining assets.
SimPlayer developed technology and applications for dynamic and interactive imaging of sport content. It was established by President and CEO Yoel Givol and merged into the defunct but still-traded Logal Educational Software & Systems.
From $9 to 30 cents a share
In July 1999, Logal's simulation mathematics and science-teaching software was sold to the Irish interactive learning solutions maker
(Nasdaq:RVDP) for $5.25 million.
In March 2000, Riverdeep floated on Wall Street at a company value of half a billion dollars. About then, Yoel Givol acquired control of Logal.
Meanwhile, in February 2000 Givol drew up a business plan for SimPlayer and raised $6 million from private investors. He then merged the company with Logal.
SimPlayer stock began to soar in December 1999, rising from $1 to $14 in three moths and lifting the company's market cap to $126 million. But the joy did not last long. SimPlayer today is traded on Nasdaq's smallcap market at a company value of less than $3 million, after SimPlayer's share price plummeted from $9 to 30 cents.