Nasdaq Warns PlanetOut of Delisting
PlanetOut reports that it received a notice from the Nasdaq Listing Qualifications Department that the stock will be delisted unless it can comply with Nasdaq rules and maintain "a minimum market value of $5,000,000 of publicly held shares (defined as total shares outstanding, less any shares held by officers, directors or beneficial owners of 10% or more of the total shares outstanding)" for a period of 10 consecutive trading days or face the consequences. The company has until October 30 and officers have indicated they are monitoring the situation and considering the company's options.
In late July, the company reported an accumulated deficit of nearly $100 million. PlanetOut runs the websites Gay.com and PlanetOut.com. It recently sold off its print business (Out, Advocate) to Regent Releasing, and its RSVP Cruise busines to Atlantis Events.