FriendFinder Shares Off by 20%; Stock at $5.75 a Share
BOCA RATON, Fla. — FriendFinder Networks Inc., which started to trade last week on the Nasdaq, finds its shares slipping to nearly half of its initial price.
At market close on Tuesday, shares were selling at around $5.75 on the Nasdaq, down about 20 percent from Monday’s close price of $7.20.
Shares of the Boca Raton, Fla.-based company began trading at $10 a share on the Nasdaq last Wednesday, with FriendFinder hoping to raise $50 million to repay some of its debt.
The company operates a string of social networking websites, including AdultFriendFinder and Penthouse magazine.
FriendFinder today said it struck a deal with a San Francisco nightclub for a Penthouse Club and that it would launch a new 3D channel in Europe.