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SGI stock faces delisting

Silicon Graphics Inc. will be delisted from New York Stock Exchange after languishing in sub-$1 range for more than six months.

Silicon Graphics Inc., doyenne of the supercomputer world, will be delisted from the New York Stock Exchange next Monday.

The company's stock, which once traded at $50 per share, fell below NYSE's minimum standard for continued listing earlier this year.

The move comes as little surprise. The company received a warning from the NYSE in May, when its share price dropped below the $1 barrier. Although it had dipped into sub-$1 territory in late 2001 and again in late 2002, the price on both occasions recovered within a month or two.

This year, SGI's shares have traded below the dollar mark for six months straight. They currently trade at less than 70 cents--well below its $50 mark in the heady days of 1995.

NYSE's standard requires that a company's common stock trade at a minimum average closing share price of a dollar during a consecutive 30-day trading period. In a terse press release, SGI noted that "common stock has not returned to compliance with this standard."

SGI said it now expects its stock to be traded on the small-cap OTC Bulletin Board.

Matt Loney of ZDNet UK reported from London.