The PR News Wire is carrying Salon to Trade on OTC Market Beginning Thursday, Nov. 21, 2002:
Salon Media Group, Inc. announced today that NASDAQ has provided it notice that it will be moved from the SmallCap Market, where it currently trades, to the over-the-counter (OTC) market effective Nov. 21, 2002. The OTC Bulletin Board (OTCBB) is a regulated quotation service that displays real-time quotes, last-sale prices and volume information for approximately 3,700 companies.Nice to know what they claim their core business is. I always thought it was propagation of DNC talking points plus related cultural absurdities.
"While we valued the prestige of a NASDAQ listing, this move to the OTC market should not affect our core business. Our focus has been and will continue to be on the fundamentals -- growing our business by subscription revenues and delivering compelling advertising solutions for our customers," said Michael O'Donnell, Salon's president and chief executive officer.
Salon has also provided a FAQ on this:
Why was Salon delisted from Nasdaq?See ya 'round the quad.
Nasdaq has continued listing standards. To remain on the market, Salon had to show compliance with the $1 million market value of publicly held shares requirement on November 11, 2002 and with the minimum bid price of $1.00 per share requirement in February 2003. Nasdaq determined that the company was not in compliance with the $1 million market value of publicly held shares requirement on November 11, 2002 and the company was delisted.
