TheGlobe.com faces Nasdaq delisting
Published: 15 Feb 2001 09:28 GMT
Struggling community site TheGlobe.com said Wednesday it faces delisting from the Nasdaq for failing to meet the required minimum bid price of $1 a share.
In a statement, the company said it has requested a hearing to review its status, but said there is no guarantee that its request for continued listing will be granted. Shares in TheGlobe.com closed Wednesday at 53 cents, down from a 52-week high of $8.50.
The company could not immediately be reached for comment.
Under Nasdaq rules, a company is typically sent a delisting notification if the stock price drops below $1 a share for 30 days. Companies then have 90 days to bring the price back above the floor for 10 consecutive days. Barring that, the company can appeal.
TheGlobe.com's stock price first slipped below the $1-a-share floor last October, where it has remained for months.
It's been a long, hard fall for the one-time Wall Street darling, which helped jump-start the Internet stock frenzy when its November 1998 initial public offering soared 606 percent.
Since then, its model of offering Web surfers a community to build personal home pages has lost favour along with other dot-com business strategies.
More recently, the company has focused on the online games niche, although it has faced setbacks on this front as well. In January, TheGlobe.com terminated an agreement to sell its games properties to investors in Britain.
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