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9/22/2016
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NYSE Deals Blow To John McAfee's MGT Capital

MGT searches for alternatives as share listing approval denied, causing deep plunge in share price.

The New York Stock Exchange (NYSE) has dealt a blow to MGT Capital Investments by denying approval for MGT shares listing which would complete its merger with John McAfee’s D-Vasive Inc, reports Reuters. The subsequent announcement by the company of a Securities and Exchange Commission (SEC) subpoena caused its shares to plunge leading to a 40% loss over two days.

In May, the mobile gaming company had disclosed its deal with anti-virus software pioneer McAfee and announced the issue of 43.8 million shares for acquisitions of assets from D-Vasive. At that time, MGT shares had jumped 1,200%.

MGT, whose executive chairman is McAfee, says it remains committed to its merger plans and will search for alternatives.

The NYSE did not give reasons for its decision but it has certain rules for companies listing shares for the first time which may also apply to listed firms that merge.

Read more on Reuters.

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