Main | Wednesday, January 16, 2008

PlanetOut Stock Tumbles On Sale News

After yesterday's news that PlanetOut is planning to sell itself, its stock tumbled another 23%. The company has lost 87% of its value since January 2007. In an effort to retain their NASDAQ listing, last year the company performed a 1-10 reverse stock split. Companies must maintain a stock value of over $1 to maintain their listing on the exchange. PlanetOut is trading at the moment at $4.56.

PlanetOut owns and the magazines Advocate and Out. The ownership of the domain name is considered by some to be the company's most valuable asset.

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