Youbet Regains NASDAQ Compliance
Updated: Thursday, May 22, 2008 4:24 PM
Posted: Wednesday, May 21, 2008 6:28 PM
Youbet.com announced May 21 it had regained compliance with NASDAQ trading requirements after its stock price traded above $1 for 10 consecutive business days.
The wagering company was notified March 31 that it faced delisting from the NASDAQ board because Youbet’s stock price had traded under $1 for 30 consecutive days, and had six months to come back into compliance.
"We are pleased to have put this matter behind us as we continue to focus on growing our core businesses, reduce our cost structure, and build shareholder value," said chairman and chief executive officer Michael Brodsky in a news release.
According to a published report, three insiders at Youbet recently purchased nearly $2.5 million in company stock.
Brodsky bought 1.39 million shares of Youbet last week, according to The Wall Street Journal
, paying $1.63 a share through the New World Opportunity Partners I limited liability company he manages. The entity now owns a 12.8% stake in Youbet. Brodsky joined Youbet's board in June 2007 and was named chairman in February. He was named president and chief executive in March, replacing interim CEO Gary Sproule
Jack Liebau, who has served on Youbet's board since June 2005, recently acquired 120,000 shares last week for an average of $1.40 each. He now owns 155,000 company shares, according to the Journal
, citing a filing with the U.S. Securities and Exchange Commission. Michael D. Sands, who was named to Youbet's board in December, purchased 22,500 shares last week for $1.36 each.
Youbet shares closed May 21 trading at $1.47, up 1.38%. Shares hit a 52-week low of 69 cents April 24.
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