i am shocked that this issue actually continues to remain listed based on the way it's trading.
Monday May 13, 8:31 am Eastern Time
Press Release
SOURCE: General Magic, Inc.
General Magic Announces Approved Transfer to Nasdaq SmallCap Market
biz.yahoo.com
SUNNYVALE, Calif.--(BUSINESS WIRE)--May 13, 2002--General Magic, Inc. (Nasdaq:GMGC - News), a pioneer in voice application software and services, today announced that it has received approval from The Nasdaq Stock Market to transfer its listing from the National Market to the SmallCap Market effective at the opening of business today. The Company's securities will continue trading under its current symbol: "GMGC".
"Listing on the Nasdaq SmallCap Market enables General Magic to maintain a liquid trading profile on a well-regulated and transparent market for the benefit of all General Magic stockholders," said David Russian, chief financial officer of the Company. "We are pleased that our application to transfer to the Nasdaq SmallCap Market has been accepted, since this will provide the Company with additional time, until August 13th, to execute our business plan and to comply with the Nasdaq Stock Market's $1.00 minimum bid price requirement. In the event we do not meet the minimum bid price requirement by the August deadline, then Nasdaq can grant us an additional 180-day grace period, or until February 10, 2003, to regain compliance, if we meet the "core" initial listing requirements for the Nasdaq SmallCap Market as of that date, principally, a $5 million stockholder's equity requirement."
"We continue to evaluate all necessary alternative courses of action to ensure our continued listing on the Nasdaq Stock Market." ... maybe a reverse split, or two, before all is said and done
From this point on, i see GMGC possibly reaching .15, .10, .05,... and then filing for bankruptcy before being bought out as corporate I/T budgets continue to remain under pressurre going forward<gg>
sad,sad, sad. Lots of talk these days about lofty index P/E ratio's and such...just imagine what they would be if all the stocks that have been de-listed were included. |
