2TheMartcom Falls on Possible Removal From OTC Bulletin Board
Irvine, California, Sept. 14 (Bloomberg) -- 2TheMart.com fell for a second day after the Nasdaq Stock Market said the Internet auction site developer's shares face removal from the OTC Bulletin Board.
The Irvine, California-based company's shares dropped 5/8, or 7 percent, to 8 1/8 after falling 25 percent yesterday, when Nasdaq said the company doesn't meet the Bulletin Board's filing requirements and could be excluded as of Oct. 8. Its ticker symbol was changed from TMRT to TMRTE.
''The E is to inform the trading public that the company is delinquent in its filings,'' said Nasdaq spokesman Wayne Lee.
The company made its first filing with the Securities and Exchange Commission on Aug. 26. It won't be considered current until the agency staff determines that the filing is satisfactory, according to Lee.
All OTC Bulletin Board companies whose names began with the letters BJ through CH on Jan. 4 must satisfy the filing requirements, including the agency review, by Oct. 7. 2TheMart.com was included in the group because its name was CD- ROM Yearbook Co. on that date.
Company executives weren't immediately available for comment
The OTC Bulletin Board is an electronic quotation system used by market makers to trade stocks not listed on any exchange. It provides liquidity to investors that would be lost if a stock is no longer quoted there.
2TheMart.com shares rocketed 25-fold in January, swept up by investor interest in Internet stocks, after the company became public by merging with CD-ROM Yearbook, a dormant public company. They've since plunged 84 percent after its Web site was delayed, it raised more capital and its first auditor departed.
Sep/14/1999 16:18
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