Nasdaq Warns PlanetOut of Delisting

PlanetoutPlanetOut 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.

Comments

  1. noteasilyoffended says

    If gay.com didn’t suck so bad, I might feel sorry for them. A badly run company, whether gay-owned or straight-owned, is a badly run company.

  2. NYBrian says

    They really should just sell off what little they have left and call it a day. Considering that Out/Advocate only sold for $6 mills, I can’t imagine what kind of space change they will get for Gay.com.

  3. Alan says

    Gay-specific mass-market publications and travel companies are becoming increasingly unnecessary. The youngest generation doesn’t feel the need to segregate or protect itself quite as fiercely as its elders did. Gay-oriented media is a shrinking market because of expanding acceptance. Shrinking markets make for bad investments.

  4. NYBrian says

    Let’s be serious, Manhunt is not really gay media. It is very successful becasue it serves one purpose and thats sex and hooking up. Gay.com was once a good place to “meet” people but when you loose brand focus and don’t capitalize on what your subscribers want, you loose!

  5. deanp1 says

    For all its sleaze, manhunt is run well. Planetout is terribly run and managed with a grossly overpaid CEO unfit to park cars – she’s done nothing but make things worse. The board of directors are seemingly pathetic. The marketing department appears to be nonexistent. Put this company out of its misery, please…

  6. says

    You guys are like sharks. You smell blood in the water and immediately go into a feeding frenzy. To hope that a gay company goes under, or any company for that matter, is just plain sad.

    I’ve used gay.com before and don’t see why you are saying it sucks. It’s no better or worse than a lot of the other sites out there.

    We just continue to shoot ourselves (LGBT community) in the foot. Instead of wishing for their demise how about doing something to keep them going?

  7. noteasilyoffended says

    Carey,

    Gay-owned companies should be held to the same business standard as straight-owned companies. Gay.com has been such a constant pain in the ass to navigate (for my Mac), the constant notifications to gay.com of difficulties in doing so went unanswered, the chat feature works only intermittently for me, the site crashes and crashes my computer, etc. This is not a good experience and it has been going on for YEARS. Just because a company is gay-owned does not mean it gets a free pass.

    I’m glad you have had good luck with gay.com. I haven’t and therefore I state that their service sucks…big time. They are a poorly run company that has lost tons of money for whatever reason(s). ANY company with this history deserves what the market gives it.

  8. NYBrian says

    …and in even more simple business terms, they should have been more responsible to their SHAREHOLDERS over the years. There is no excuse for a public company to engage in gross mismanagement, gay business or not.

  9. Qjersey says

    As an “early adopter” I remember gay.com and planet out back in the dark days of dial up when they had no real competition.

    Clearly both sites can’t compete. If this website and a few other can update their news content almost daily, why the hell can’t big “corporate” websites do the same?

    Both suffer from ghetto marketing corporate carpet bagging. “Oh it’s a gay site, they’ll come.” They did, and they left.

    BTW: Manhunt, $12 for 30 days (and that’s a recent increase). Gay.com and Planetout “personals” $19.95 a month (and that’s been the price for years).

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