Nampa, Idaho-based computer manufacturer MPC Corp. revealed Monday that its stock will be delisted from the American Stock Exchange. Earlier this year, the exchange warned MPC that it risked delisting due to low stockholder equity and mounting fiscal losses. MPC responded with a plan for regaining compliance, which AMEX accepted. AMEX then gave MPC until November to improve its profile, but the exchange's new parent company, NYSE Euronext, recently revoked the extension, citing MPC's lack of progress, overall financial status and low stock share price.
MPC was originally established in 1991 as a subsidiary of semiconductor manufacturer Micron Technology. Prior to 2002, MPC operated as Micron Electronics and MicronPC. In 2005, MPC merged with HyperSpace Communications Inc., a provider of application acceleration services, as part of a stock-swap deal. A year ago, MPC acquired Gateway Inc.'s Professional Services business unit for some $90 million. Months later, MPC reported that it had won a contract to provide the U.S. Coast Guard with desktop and notebook computers, but the acquisition and customer wins were apparently not enough to reverse its sagging stock profile.
posted on Monday, October 27, 2008
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