SAN FRANCISCO, Aug. 11 CA-PlanetOut-Nasdaq
SAN FRANCISCO, Aug. 11 /PRNewswire-FirstCall/ -- PlanetOut Inc.
(Nasdaq: LGBT), a leading media and entertainment company exclusively focused
on the gay and lesbian market, announced today that it received a notice from
the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market dated
August 1, 2008, stating that, for the previous 30 consecutive trading days,
PlanetOut has not maintained a minimum market value of $5,000,000 of publicly
held shares (defined as total shares outstanding, less any shares held by
officers, directors or beneficial owners of 10% or more of the total shares
outstanding), as required for continued inclusion under Marketplace Rule
4450(a)(2) (the "Rule"). The notice further states that PlanetOut will be
provided with 90 calendar days (or until October 30, 2008) to regain
compliance. If, at anytime prior to October 30, 2008, the minimum market
value of publicly held shares (as defined by the Rule) of PlanetOut's common
stock is $5,000,000 or greater for a minimum of 10 consecutive trading days,
then PlanetOut will receive written notification from Nasdaq that it complies
with the Rule.
If PlanetOut cannot demonstrate compliance with the Rule by October 30,
2008, the Nasdaq staff will provide written notification that PlanetOut's
securities will be delisted and, at that time, PlanetOut may appeal the
determination to a Listing Qualifications Panel. The notice also states that,
alternatively, PlanetOut may apply to transfer its securities to The Nasdaq
Capital Market if PlanetOut satisfies inclusion requirements for that market.
If PlanetOut submits the transfer application and pays the applicable listing
fees by October 30, 2008, the initiation of the delisting proceedings will be
stayed by Nasdaq staff pending review of the application.
PlanetOut intends to monitor the minimum market value of publicly held
shares (as defined by the Rule) of its common stock between now and October
30, 2008. If its common stock does not trade at a level that is likely to
regain compliance, PlanetOut's board of directors will consider options
available to PlanetOut, including applying to transfer PlanetOut's securities
to The Nasdaq Capital Market.
About PlanetOut Inc.
PlanetOut Inc. is a leading media and entertainment company exclusively
serving the lesbian, gay, bisexual and transgender (LGBT) community.
PlanetOut's digital media brands include Gay.com, PlanetOut.com,
Advocate.com, Out.com, OutTraveler.com and HIVPlusMag.com. PlanetOut print
media brands include The Advocate, Out, The Out Traveler and HIVPlus, as well
as SpecPub, Inc. titles. Transaction services brands include e-commerce Web
sites Kleptomaniac.com and BuyGay.com, and book publisher Alyson Publications.
PlanetOut, based in San Francisco with additional offices in New York and
Los Angeles, offers advertisers access to what it believes to be the most
extensive multi-channel, multi-platform network of gay and lesbian people in
the world. For more information, please visit http://www.planetoutinc.com.
Forward-Looking Statements
In addition to the historical information contained herein, this press
release contains forward-looking statements, including statements regarding
PlanetOut's plans to monitor compliance with Nasdaq's minimum market value of
publicly held shares rule and its consideration of transferring to The Nasdaq
Capital Market, as well as statements containing the words "believes,"
"anticipates," "expects," "intends" and similar words. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the company
to differ materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors
include, among others, the ability to achieve compliance with Nasdaq's
continued listing requirements, the company's limited operating history and
variability of operating results; competition; timing of product launches;
success of its marketing efforts; and the company's dependence on technology
infrastructure and the Internet. Additional information concerning factors
that could affect PlanetOut's future business and financial results is
included in the company's Annual Report on Form 10-K for the year ended
December 31, 2007 and other public filings filed from time to time with the
Securities and Exchange Commission (SEC), which are available at the SEC's
website at http://www.sec.gov.
SOURCE PlanetOut Inc.
