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RealTime IT News

'Net Death Row Getting Mighty Crowded

On Monday we looked at the sad plight of failed e-tailer Value America, which last week filed for bankruptcy and whose stock was selling at 72 cents per share when the Nasdaq suspended trading following Friday's market close.

But VUSA wasn't the only 'Net stock to be yanked from the exchange last week. Online fax company eFax.com was delisted from the Nasdaq on Wednesday for not meeting the listing requirement that it maintain $4 million in net tangible assets.

eFax.com last traded at 41 cents per share, a drop of 98.6% from its all-time high closing price of $30.13 on April 9, 1999. Though its market capitalization was last set at $5.4 million, EFAX reports net assets of only $2.8 million.

Of course, there are many more Internet companies in the same sinking boat, companies on the edge of extinction due to poor financial performance, low cash reserves and utter lack of investor interest.

Facing even more immediate pressure are those companies whose share prices have fallen below $1. If the bid price for any of these stocks fails to reach $1 for 30 consecutive business days, Nasdaq can delist the issuing companies pending an appeals process.

Below are some of Internet players in imminent danger. Some, like drkoop.com and Pets.com , are fixtures on most short lists of doomed 'Net companies. Others may be less familiar, so get a look at them while you can - these and other Dead Tickers Walking likely won't be around much longer:

                       8/14   # Days    Change From   Market
Ticker   Company       Close  Below $1   High Close  Cap (mm)

GSVI     GSV            0.38     83       -98.6%        4.0
BGST     BigStar        0.56     13       -93.2%        5.7
WAVO     WAVO           0.63     34       -97.1%       18.5
PLRX     PlanetRx.com   0.66     10       -97.5%       34.0
IPET     Pets.com       0.81      3       -92.6%       24.0
KOOP     drkoop.com     0.81      6       -97.8%       28.2
BYND     Beyond.com     0.84      2       -97.8%       32.1
PASA     quepasa.com    0.88      7       -96.6%       16.5
ESTM     E-Stamp        0.88      2       -97.8%       34.3
HCOM     HomeCom        0.97      4       -93.4%        8.0

Note: GSV, or Grove Strategic Ventures , is a 'Net incubator formerly known as CyberShop.com, a failed e-tailer. GSV was notified in June by Nasdaq that it faces delisting if the bid price for GSVI shares doesn't reach $1 by Sept. 18.



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