Midway Games may be delisted

Midway Games Inc., the video-game publisher controlled by Sumner Redstone, received a delisting notice from the New York Stock Exchange after failing to keep an average market value of at least $75 million over 30 days.

The exchange gave Midway 45 days to present a plan to achieve compliance with its standards within 18 months, the Chicago-based company said today in a statement.

The announcement follows a Nov. 20 statement that Midway may be dropped from the exchange because its stock price is too low. Midway has six months to get the price above $1. If it can’t, the company may be forced to repay $150 million in 6 percent and 7.125 percent notes. The company sold assets after losing money every quarter for 3 1/2 years.

Midway, whose shares have declined 86 percent this year, gained 3 cents, or 8.6 percent, to 38 cents at 4:07 p.m. in New York Stock Exchange composite trading. The shares last closed above $1 on Oct. 20.