I smell a stock consolidation coming...
InfoSpace Receives Nasdaq Notice of Bid Price Deficiency; InfoSpace Has 90 Days to Regain Compliance Board of Directors is Reviewing Various Alternatives to Address This Issue
BELLEVUE, Wash., Jul 5, 2002 (BUSINESS WIRE) -- InfoSpace, Inc. (Nasdaq:INSP), a provider of wireless and Internet software and application services, today announced that it has received notification from The Nasdaq Stock Market that it is not in compliance with the National Market's listing maintenance standard regarding minimum bid prices.
In accordance with that rule, InfoSpace has 90 days to regain compliance with its stock trading above $1 for 10 consecutive trading days.
The InfoSpace Board of Directors is evaluating various alternatives to address this issue.
InfoSpace announced in May that both its Wireline and Merchant Business Units were profitable in the first quarter on a pro forma basis. These two business units represented 80 percent of total first quarter revenues.
"With our blue-chip list of customers, strong balance sheet and no debt, InfoSpace is in a strong position to maximize shareholder value and achieve profitability," said Ed Belsheim, president and chief operating officer of InfoSpace, Inc. |
