Internet retailer Buy.com Inc., struggling to cut widening losses and boost sales, said Thursday that Nasdaq officials have recommended that its stock be removed from the Nasdaq market system for failing to meet the $1 minimum price.
The Aliso Viejo company, which was warned two months ago that its stock could be delisted, said in a news release that it has requested a hearing before a Nasdaq panel to review the recommendation. Buy.com said it could not ensure investors that the panel would allow the stock to remain listed.
The stock last closed at $1 a share on Jan. 26. On Thursday, it lost 1 cent to close at 38 cents a share. The stock has lost almost all its value since its closing high of $26.44 a share on its first day of trading in February 2000.
Buy.com lost $45.2 million for the first three months this year, compared with a $34.7-million loss for last year's first quarter. Its quarterly sales fell 40% to $124.6 million.