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.comand 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% 8.0Note: 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.