SGI is back, sorta
Silicon Graphics, also more commonly known as SGI, is back on a major stock exchange. After spending the last year as a penny stock, SGI has begun trading today on the Nasdaq Stock Market under the symbol SGIC. SGI was once a Silicon Valley darling, producing expensive graphics workstations for corporations and the movie industry, but hit hard times when powerful computers and graphics cards become increasingly cheaper.
SGI is distributing 11 million new shares under a reorganization plan. Originally, SGI was traded on the New York Stock Exchange under the SGI symbol until November 1st, 2005. It was de-listed after the average closing stock price fell below $1.00 for thirty straight days.