FriendFinder Says It's Facing Delisting on Nasdaq
BOCA RATON, Fla. — FriendFinder Networks Inc. says it has received a notice of delisting by the Nasdaq stock exchange.
Nasdaq warned FriendFinder that the value of its publicly traded shares dipped below $15 million for 30 days and its stock price fell below $1 for 30 days, both grounds for delisting.
FriendFinder has until July 5 to boost its market value and until July 9 to increase its share price.
"The company can regain compliance with the minimum bid price rule if the bid price of its common stock closes at $1 per share or more for a minimum of 10 consecutive business days during the 180 calendar day period," FriendFinder said in a statement to regulators.
The Boca Raton, Fla.-based company that owns Penthouse magazine and the FriendFinder network of social media sites saw a net loss for the third quarter of $5.4 million in its third quarter, and its stock price has dropped substantially since the May initial offering at $10 a share.
FriendFinder traded Friday on the Nasdaq at 86 cents a share.