Nasdaq May Still Pull Youbet Listing
Updated: Friday, May 25, 2001 9:35 AM
Posted: Friday, May 25, 2001 9:35 AM
Youbet.com could still be pulled off the Nasdaq stock exchange despite recent growth in the company's stock price.
Nasdaq told Youbet.com officials Tuesday that the company failed to meet the minimum price requirement and is subject to being delisted. To remain on the exchange, Youbet.com stock needed to trade about $1 per share for 10 consecutive days before Monday.
Ironically, Youbet.com announced Monday its biggest deal to date -- a joint venture with the TV Games Network that would give the online horse racing and wagering company access to the top Thoroughbred racetracks in the United States. When the market opened Monday, Youbet.com stock spiked 101% to $1.51 during morning trading and more than 3.1 million shares were traded by the end of the day. The stock has slid since then, closing at $1.09 by the end of trading Thursday.
Youbet.com has requested a hearing before the Nasdaq Listing Qualifications Panel. The company's listing will not change until the hearing has been conducted. Prior to announcing the joint venture with the TV Games Network, Youbet.com stock had not traded for at least $1 since Jan. 23
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