SouthPeak delists itself from the New York Stock Exchange [update]

Update: We got in touch with a SouthPeak representative, who told us that the company was never "properly listed" on the NYSE to begin with. SouthPeak was "an 'over the counter' type stock that was never properly listed and therefore can't be delisted." So SouthPeak shares were traded between two parties via a broker, meaning the company was never officially part of the NYSE.

Original post: It's been a rough year for SouthPeak. Not only did the company suffer millions in losses in its latest earnings report, but it also had to settle a nasty SEC dispute. The latest bump in the road for the Two Worlds 2 publisher is a delisting from the New York Stock Exchange.

SouthPeak released a statement citing that "given its current financial condition and the current state of the economic environment within the industry in which it operates, the benefits of having publicly registered shares and filing periodic reports under the federal securities laws are outweighed by the associated costs." So, basically, SouthPeak can't afford to be a public company anymore.

The publisher's next major title, Stronghold 3, was recently delayed and is currently slated to launch in "late summer." According to some online retailers, that translates to "in October."

This article was originally published on Joystiq.