Youbet.com Gets Reprieve From Nasdaq
Updated: Monday, July 9, 2001 9:58 AM
Posted: Monday, July 9, 2001 9:58 AM
The Nasdaq National Market has informed Youbet.com, Inc. that the company is now in compliance with listing qualifications and will not be dropped from its listings.
Earlier this year, the Nasdaq Listing Qualifications Panel notified Youbet.com that its stock had not met minimum bid requirements and was subject to de-listing from the National Market.
Youbet.com, an online live event and wagering company for the horse racing industry, appealed the decision and made its case during a June 21 hearing.
The decision not to de-list Youbet.com apparently stems from a boost in the company's stock price that followed several major announcements.
In addition to launching a Web-based platform for its customers, Youbet.com entered into a strategic relationship with competitor TVG Network. After closing as low as $.38 per share on May 1, Youbet.com's stock rebounded and reached Nasdaq's $1.00 minimum on May 21. The stock has closed above $1.00 per share every day since June 5.
"Our Company's increased valuation correlates to our important achievements of the last several months," said Youbet.com's chairman and chief executive officer Robert Fell. "These include, among others, our new Web-based product launch and associated subscriber growth, and Youbet Network expansion with our inclusion of the industry's premier racetracks through our relationship with Gemstar-TV Guide International's TVG."
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