Gay.com / PlanetOut financial meltdown, facing de-listing from NASDAQ
”PlanetOut Inc. [LGBT], a leading media and entertainment company exclusively focused on the gay and lesbian market, announced today that it received a notice from the Nasdaq … for the previous 30 consecutive trading days, PlanetOut has not maintained a minimum market value of $5,000,000 of publicly held shares…. If PlanetOut cannot demonstrate compliance with the Rule by October 30, 2008, the Nasdaq staff will provide written notification that PlanetOut’s securities will be delisted….” (Marketwatch.com)
”In its most recent quarterly filing PlanetOut Inc. reported an accumulated deficit — that’s how much money it’s lost since it started — of nearly $100 million.” (San Francisco Business Times)
Financial news articles reporting on the current state of PlanetOut, Inc — the parent company of Gay.com and PlanetOut.com, and former owner of RSVP cruise lines and the national glossy magazines The Advocate and Out which they reportedly sold for $6 million in April (San Francisco Business Times). The NASDAQ symbol for the company is LGBT and the price as of August 12 ended at $2.65 per share, which is down from an approximate high of $136 per share back at the end of December 2004 (including a reverse 1:10 split that occurred last October 2, 2007).
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