Nasdaq told InfoSpace it didn’t comply with trading board’s minim...
Nasdaq told InfoSpace it didn’t comply with trading board’s minimum bid price standard and it had 90 days to establish a 10-day period during which its stock must trade above $1. Its shares have been ranging around 46 cents.…
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COO Ed Belsheim said “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.” In its most recent 10-Q, however, InfoSpace said: “We have incurred losses since our inception and, as of March 31, 2002, we had an accumulated deficit of approximately $1.2 billion… For the three months ended March 31, 2002, our net loss was $240.5 million… If we do achieve profitability, we may not be able to sustain it.” It added that “trading price of our common stock has historically been highly volatile. Since we began trading on December 15, 1998, our stock price has ranged from $0.75 to $138.50 (as adjusted for stock splits).” InfoSpace closed Fri. at 51 cents, up 5 cents (10.87%). InfoSpace provides wireless and Internet software and application services. Its Web portal clients include America Online, Disney and Verizon Online. Its wireless customers include Cingular, Verizon Wireless, AT&T Wireless and Virgin Mobile.