TheGlobe.com to Conduct Second IPO
Company excited about second initial offering
By Todd Etter (TMF Knave)
May 17, 2000
Online community site TheGlobe.com announced today that it will be conducting a second Initial Public
Offering. The company hopes to generate the same kind of enthusiasm that surrounded its first IPO held in
November, 1998. During that remarkable offering the company's stock price rocketed skyward from the
initial price of $9 all the way to $97 before closing at $63. Over 15 million shares were traded during the
day of the IPO.
As of late, though, The Globe's stock price has been dropping faster than a cow thrown off the Space
Needle, closing yesterday at just over $3 a share.
"The money's just not coming in as fast as we'd hoped," said Vice President of Finance Lars Murphy.
"We've tried lots of things: bake sales, car washes, dunk tank. Nothing is working. Another IPO is the only
logical solution."
To orchestrate the secondary IPO, the company must first become private, buying back all of its
outstanding shares. Then there will be a two-week quiet period, after which the second IPO will occur. "If
this works," said Murphy, "we plan to have another IPO every two weeks."
This is a joke! The Fool's mission is to educate, amuse, and enrich. Everything you read in our Fun & Folly area is for
amusement purposes only. |
